Crescent Energy to Acquire Devon Energy Eagle Ford Assets for $4.22 Billion

Key numbers

Deal value	$4.2B
Share of market cap	94.8%
Share of annual revenue	117.9%

Key highlights

• Acquisition adds approximately 68 Mboe/d of net production in the Eagle Ford basin
• Transaction includes over 600 Tier 1 net locations normalized to 10,000 feet
• Company identified approximately $140 million in annual synergies across operations and marketing
• Financing supported by a $2.0 billion bridge credit facility from JPMorgan Chase Bank
• Deal expected to close in late 2026 or early 2027 pending regulatory approvals

What Is the Deal?

Crescent Energy Company has signed a definitive agreement to acquire Eagle Ford assets from a subsidiary of Devon Energy for a total cash purchase price of $4.22 billion. The transaction focuses on high-margin, oil-weighted assets directly adjacent to Crescent’s existing operations in South Texas. The deal is expected to close between the fourth quarter of 2026 and early 2027, subject to customary closing conditions and regulatory reviews. This acquisition represents a major consolidation effort in the basin, leveraging Crescent's established minerals ownership and technical expertise in the region to enhance its core operating scale.

Deal Structure & Terms

• Purchase price of $4.22 billion payable entirely in cash at closing
• Economic effective date for hydrocarbon sales adjustments set as July 1, 2026
• Secured debt commitment for a $2.0 billion bridge credit facility from JPMorgan Chase Bank
• Estimated net purchase price of approximately $3.85 billion after customary adjustments
• Funding plan utilizes a mix of cash on hand, debt, and potential equity issuance

Management Perspective

“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. We know these assets exceptionally well through our longstanding minerals ownership and nearby operations, and see meaningful opportunity to make them even better.”

Business Overview

Crescent Energy is a Houston-based oil and gas exploration and production company focused on the Eagle Ford and Rockies regions. The company operates a high-margin portfolio and manages a significant minerals and royalties platform. This acquisition follows several expansionary moves, including the $3.1 billion merger with Vital Energy in August 2025 and the $905 million acquisition of Ridgemar assets in late 2024. These transactions have accelerated Crescent's transition toward a dominant position in the Eagle Ford basin. The company currently maintains a market capitalization of approximately $4.45 billion and reported annual revenue of $3.58 billion for the most recent fiscal year.

Down 3.0% since our story on 8 Oct: $13.47 when we broke it → $13.06 at the close on 13 Oct. Daily closing prices. Source: Yahoo Finance.

Show the prices

14 Sep	$14.59
15 Sep	$15.37
16 Sep	$14.40
17 Sep	$14.11
18 Sep	$13.90
21 Sep	$13.26
22 Sep	$13.01
23 Sep	$13.18
24 Sep	$13.42
25 Sep	$13.15
28 Sep	$12.98
29 Sep	$12.89
30 Sep	$12.89
1 Oct	$13.27
2 Oct	$13.39
5 Oct	$13.56
6 Oct	$13.62
7 Oct	$13.47
8 Oct	$13.01
9 Oct	$12.66
12 Oct	$12.78
13 Oct	$13.06

Industry Landscape

The transaction reflects ongoing consolidation within the U.S. upstream sector as operators seek to secure Tier 1 inventory in core basins like the Eagle Ford and Permian. Crescent’s acquisition mirrors broader industry trends where companies use scale to drive capital efficiency and margin expansion. This deal occurs amid active portfolio management for Crescent, which recently divested $700 million in non-core assets to sharpen its regional focus. The integration of Devon's assets is expected to enhance Crescent's operatorship and development visibility, supporting its long-term strategy to achieve an investment-grade credit profile while maximizing free cash flow generation in a competitive energy market.

Management commentary

“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. 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 solidifies Crescent’s world-class Eagle Ford position and creates significant additional value creation opportunities through our proven operating strategy.”

Crescent Energy Co · financial snapshot

Share price	$13.47
Market cap	$4.5B
Revenue (annual)	$3.6B
P/E (TTM)	122.5×
1-month price change	-2.18%
Sector	EnergyOil & Gas E&P

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.