Crescent Energy said it will buy Eagle Ford assets from Devon Energy for an estimated net purchase price of about $3.85 billion, in a deal that adds roughly 68,000 barrels of oil equivalent per day of net production and more than 600 tier 1 net locations normalized to 10,000 feet.
The acquisition is set to deepen Crescent’s position in the Eagle Ford by placing the assets directly adjacent to its existing operations. Crescent said the package also includes Devon-owned minerals, which it expects will expand its royalties business through greater scale, more operatorship and better development visibility.
The company said the transaction is expected to deliver about $140 million in annual synergies across drilling and completion, lease operating expense and marketing. Crescent also said the deal is expected to be accretive across cash flow from operations, free cash flow and net asset value.
Crescent said the assets will strengthen its operating footprint in the Karnes Trough, where the new inventory immediately competes for capital. The company described the deal as adding higher-quality inventory, improving capital efficiency and increasing margins.
On financing, Crescent said it has commitments for certain debt financing options from JPMorgan Chase Bank and RBC Capital Markets, with KKR Capital Markets also advising on the financing. It said it plans to fund the purchase through a mix of cash on hand and, depending on market conditions, debt and equity.
The company said the transaction is expected to close in the fourth quarter of 2026 or early 2027. The market has reacted to these announcements by moving the company's shares -1.1% to a price of $13.47. If you want to know more, read the company's complete 8-K report here.
