(WO) — Crescent Energy has entered into a definitive agreement to acquire Devon Energy‘s Eagle Ford assets for an estimated net purchase price of $3.85 billion, adding approximately 68,000 boed of production and more than 600 drilling locations to its South Texas operations.
The acquisition will expand Crescent’s position in the Eagle Ford shale, with the assets located directly adjacent to its existing operations in the Karnes Trough. The transaction is expected to close in the fourth quarter of 2026 or early 2027, subject to customary closing conditions.
The acquired portfolio includes more than 600 Tier 1 net drilling locations, normalized to 10,000-ft laterals, providing Crescent with additional development inventory in one of its core operating areas.
Crescent expects the acquisition to generate approximately $140 million in annual synergies through drilling and completions, lease operating expenses and marketing efficiencies. The company also anticipates improvements in cash flow, margins and capital efficiency as it integrates the assets into its existing operations.
“This acquisition represents a significant step forward for Crescent, adding high-quality assets at an attractive valuation in the heart of one of our core operating areas,” said David Rockecharlie, CEO of Crescent Energy. “We know these assets exceptionally well through our longstanding minerals ownership and nearby operations, and see meaningful opportunity to make them even better.”
The transaction also includes Devon-owned mineral interests that will expand Crescent Royalties, the company’s minerals platform, increasing its scale and development exposure across the acquired acreage.
Crescent said the acquisition’s financing structure and expected free cash flow generation will support continued debt reduction and its progress toward an investment-grade credit profile.
The agreement remains subject to customary closing conditions.
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