Devon Energy said it will sell its Eagle Ford assets to Crescent Energy for $4.2 billion in cash, a move that will trim a mature oil portfolio and redirect capital toward buybacks and debt reduction.
The assets being sold include about 90,000 net acres in Karnes, Dewitt and Gonzales counties, Texas, and account for roughly 4% of Devon’s total BOE production.
Devon said the deal will improve several operating metrics: it will lengthen inventory life, lower corporate breakeven levels and reduce the company’s base production decline rate. The company also said the sale price is above its internal hold case and is accretive on a per-share basis to free cash flow and net asset value.
The transaction has an effective date of July 1, 2026 and is expected to close around year-end 2026. Devon said after-tax proceeds will be used to accelerate share repurchases and strengthen the balance sheet through debt reduction.
The company said the sale follows a series of 2026 portfolio moves, including a combination with Coterra, added Delaware Basin inventory from a federal lease sale and investment in the Solitude pipeline to move gas from wellhead to market. Following these announcements, the company's shares moved -0.29%, and are now trading at a price of $47.88. If you want to know more, read the company's complete 8-K report here.
