Devon Energy Announces Agreement to Exit the Eagle Ford for $4.2 Billion

Crescent Energy (CRGY) agreed to buy Devon Energy's (DVN) Eagle Ford assets for $4.2B in cash, adding to its operations. CRGY shares fell 2.4% pre-market.

Devon Energy (DVN) agreed to sell its Eagle Ford assets to Crescent Energy for $4.2B in cash, expected to close by year-end 2026. The sale includes 90,000 net acres and represents 4% of Devon's total production. Proceeds will be used for share buybacks and debt reduction, according to the company.

Crescent Energy agreed to buy Devon Energy's Eagle Ford assets for $4.22 billion in cash, with closing expected in late 2026 or early 2027. The deal will expand Crescent's Eagle Ford operations. To finance the acquisition, Crescent secured a $2.0 billion bridge loan commitment from JPMorgan Chase.

Devon Energy (DVN) agreed to sell its Eagle Ford assets to Crescent Energy for $4.2B in cash, with the deal expected to close by year-end 2026. The sale is part of Devon's strategy to focus on higher-return areas like the Delaware Basin.

JPMorgan raised its price target for Devon Energy to $65 from $60 while maintaining an overweight rating, according to a report published on 10/02/2026. The stock has seen a 5-day change of 47.16 USD, a 1st Jan change of +2.43%, and a year-to-date change of -3.56%.

Midstream energy sector sees increased deal activity due to high demand for infrastructure, particularly in natural gas. Recent acquisitions include ONEOK's $4.42B purchase of Brazos Midstream's Permian Basin assets and Williams' $5.5B acquisition of Momentum Midstream. A bipartisan infrastructure bill could further expedite energy projects, benefiting the AI boom.