Devon agrees to sell Eagle Ford assets for $4.2 billion
The cash transaction would fund debt reduction and share repurchases as Devon narrows its investment focus.
HOUSTON (OBV) — Devon Energy agreed to sell its Eagle Ford assets to Crescent Energy for $4.2 billion in cash, the company announced Oct. 8.
The holdings cover approximately 90,000 net acres in Karnes, DeWitt, and Gonzales counties in Texas and account for about 4% of Devon’s total oil-equivalent production.
CEO Clay Gaspar said the agreement follows a portfolio review focused on higher-return assets with longer production lives. Devon plans to use after-tax proceeds to reduce debt and accelerate share repurchases.
The transaction is expected to close around year-end 2026, subject to regulatory approvals and customary closing conditions. Devon plans to provide additional details with its third-quarter results Nov. 5.
