Crescent agrees to buy Devon's Eagle Ford assets for $4.22bn in cash

Crescent Energy agreed to pay $4.22bn in cash for Devon Energy's Eagle Ford assets, the buyer said in a Thursday filing.

The estimated net price is about $3.85bn after production proceeds and other adjustments from the July 1 economic effective date. The deal is all cash. Crescent has a commitment for a 364-day bridge facility of as much as $2.0bn and said it may use cash, debt and equity depending on market conditions.

The package covers about 89,000 net acres, 97 percent of them operated. Crescent put July run-rate production at roughly 68,000 barrels of oil equivalent a day and said the assets contain more than 600 net drilling locations normalized to 10,000 feet.

Closing is expected in the fourth quarter of 2026 or early 2027. Regulatory approvals and other customary conditions remain.