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Crescent Energy to acquire Devon Energy's Eagle Ford assets

Crescent Energy to acquire Devon Energy's Eagle Ford assets

Money Moves

KKR-backed Crescent pays $3.85 billion net for South Texas shale acreage

Today: Crescent announces $3.85B net deal for Devon's Eagle Ford assets

Overview

Updated 48 minutes ago

Crescent Energy agreed on October 8 to buy Devon Energy's Eagle Ford shale assets in South Texas for $4.2 billion in cash, an estimated net price of about $3.85 billion after adjustments. The deal adds roughly 68,000 barrels of oil equivalent per day of production and more than 600 drilling locations next to Crescent's existing acreage.

For Devon, the sale is a portfolio high-grade. The assets are about 4% of its total production, and the cash will fund share buybacks and debt reduction. For Crescent, the deal deepens its hold on the Karnes Trough, the Eagle Ford's most productive zone, and carries $140 million in identified annual synergies.

Why it matters

If it closes, the deal makes Crescent one of the Eagle Ford's largest operators and removes Devon from the basin, extending shale's consolidation wave.

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Key Indicators

$3.85B
Net purchase price
Estimated net price Crescent pays for Devon's Eagle Ford assets, after customary adjustments.
68 Mboe/d
Acquired production
Current run-rate production from the assets as of July 2026.
600+
Tier 1 drilling locations
Net drilling locations normalized to 10,000 feet in the acquired acreage.
$140M
Identified annual synergies
Annual cost savings Crescent expects from combining the assets with its operations.

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Organizations Involved

Timeline

July 2026 October 2026

3 events Latest: Today
  1. Crescent announces $3.85B net deal for Devon's Eagle Ford assets

    Today Deal

    Crescent Energy agrees to buy Devon's Eagle Ford assets for $4.2 billion in cash, about $3.85 billion net.

  2. Crescent secures $2B bridge financing from JPMorgan

    Today Financing

    Crescent obtains a debt commitment letter from JPMorgan for a bridge credit facility of up to $2 billion.

  3. Economic effective date set for the deal

    Deal

    The transaction's economic effective date, from which hydrocarbon sale proceeds reduce the purchase price.

Scenarios

1

Deal closes as planned in early 2027

Likely Resolves by Q1 2027

Discussed by: Crescent and Devon management, who both expect close in Q4 2026 or early 2027

The transaction clears regulatory review and closes in the fourth quarter of 2026 or early 2027. Crescent funds the purchase with cash on hand, a $2 billion bridge facility from JPMorgan, and a mix of debt and equity. Devon uses after-tax proceeds for share repurchases and debt reduction.

2

Regulatory review delays or renegotiates the deal

Possible Resolves by Q2 2027

Discussed by: Market analysts watching antitrust scrutiny of shale consolidation

Federal regulators extend their review of the deal, pushing closing past the first quarter of 2027, or Crescent negotiates a lower price citing asset performance. The deal would still close, but on different terms or a later timeline than announced.

3

Deal falls through

Unlikely Resolves by Q2 2027

Discussed by: Not widely predicted; both companies express confidence in closing

Either party terminates the agreement due to financing failure, regulatory rejection, or a material change in asset value. Crescent would need to find alternative growth, and Devon would retain the assets and continue operating them.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

October 2023

ExxonMobil acquires Pioneer Natural Resources (2023)

ExxonMobil agreed to buy Pioneer Natural Resources for $59.5 billion in an all-stock deal, the largest acquisition in the Permian Basin's history. The deal gave Exxon control of Pioneer's roughly 850,000 net acres in the Permian's Midland Basin.

Then

The deal closed in May 2024 after a Federal Trade Commission review that barred Pioneer's founder from Exxon's board.

Now

It set a benchmark for shale consolidation, with rivals rushing to combine acreage.

Why this matters now

Like the Crescent-Devon deal, it shows how large producers are consolidating the best shale acreage into fewer, larger operators.

February 2024

Diamondback Energy merges with Endeavor Energy (2024)

Diamondback Energy agreed to merge with Endeavor Energy Resources in a $26 billion cash-and-stock deal, creating the largest pure-play Permian producer. The combined company held about 838,000 net acres.

Then

The merger closed in late 2024, creating a company with roughly 600,000 barrels of oil equivalent per day of production.

Now

It reinforced the trend of consolidation in US shale as companies seek scale and efficiency.

Why this matters now

The Crescent-Devon deal applies the same logic to the Eagle Ford, concentrating the basin's best acreage in a single operator.

Sources

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