Devon Energy to sell Eagle Ford assets to Crescent Energy for $4.2 billion in cash

DEVON ENERGY CORP/DE

Devon will sell about 90,000 net acres in Karnes, DeWitt and Gonzales Counties, Texas, representing roughly 4% of total BOE production.
Purchase price is $4.2 billion cash, subject to adjustments, with July 1, 2026 effective date; close expected Q4 2026 or early 2027.
After-tax proceeds will accelerate share repurchases and debt reduction, lowering go-forward corporate breakeven and base production decline rate.
CEO Clay Gaspar cited 2026 steps including combining with Coterra, adding Delaware Basin inventory in federal lease sale, and investing in Solitude pipeline.
RBC Richardson Barr is exclusive financial advisor and Kirkland & Ellis LLP is legal advisor; Q3 2026 results are scheduled for Nov. 5, 2026.

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