Crescent Energy has announced a definitive agreement to purchase Devon Energy’s Eagle Ford assets for approximately $3.85 billion. This acquisition adds around 68,000 barrels of oil equivalent per day (boed) of production and over 600 drilling locations to Crescent’s existing operations in South Texas, particularly enhancing its position in the Eagle Ford shale.
The assets are situated adjacent to Crescent’s current operations in the Karnes Trough and include 600 Tier 1 net drilling locations, which will provide additional development opportunities. The deal is expected to close in late 2026 or early 2027, pending standard closing conditions.
Crescent anticipates the acquisition will yield about $140 million in annual synergies through efficiencies in drilling, lease operating costs, and marketing. This is expected to lead to increased cash flow, better margins, and improved capital efficiency.
David Rockecharlie, CEO of Crescent Energy, highlighted that the acquisition significantly enhances their portfolio with quality assets at an attractive price. The deal also involves Devon-owned mineral interests, which will bolster Crescent Royalties, enhancing their minerals platform and development potential across the newly acquired acreage.
Crescent’s financing strategy and expected free cash flow generation from this acquisition are designed to support ongoing debt reduction and the pursuit of an investment-grade credit profile.
