Crescent Energy to acquire Devon Energy’s Eagle Ford assets for about $3.85 billion
+1 new source since this summary was written
Crescent Energy announced a definitive agreement to buy Devon Energy’s Eagle Ford oil‑and‑gas assets for an estimated net purchase price of roughly $3.85 billion. The deal adds about 68 Mboe/d of net production and more than 600 Tier 1 locations. Closing is expected in the fourth quarter of 2026 or early 2027, subject to customary conditions. Crescent plans to fund the transaction with a mix of cash, debt and equity and expects $140 million of annual synergies.
Why it matters
Crescent says the acquisition will boost free‑cash‑flow generation and support its goal of reducing leverage to about 1.5 times by year‑end 2027. The added production and royalties platform should enhance the company’s earnings outlook, while Devon receives cash for the asset sale.
Key facts
- 1Estimated net purchase price is approximately $3.85 billion. tradingview.com
- 2The assets include roughly 68 Mboe/d of net production. tradingview.com
- 3More than 600 Tier 1 net locations are part of the deal. tradingview.com
- 4Closing is expected in Q4 2026 or early 2027, subject to customary conditions. tradingview.com
- 5Crescent targets about $140 million of annual synergies. finance.yahoo.com
- 6KKR has committed $500 million in support of the transaction. finance.yahoo.com
Open questions
- Material 4 reports a $4.2 billion cash price, which conflicts with the $3.85 billion figure in other sources.
Summary written by AlphAI from 5 of 6 sources. Not investment advice. Figures are as stated by the linked sources.