Crescent Energy entered into a definitive agreement to acquire Eagle Ford assets from Devon Energy for an estimated net purchase price of approximately $3.85 billion.
The acquisition adds assets adjacent to Crescent’s existing Eagle Ford operations and significantly expands the company’s position in the basin.
The acquired portfolio includes approximately 68 Mboe per day of net production.
It also includes more than 600 Tier 1 net drilling locations normalized to 10,000-foot laterals.
Crescent said the assets are concentrated in the Karnes Trough and are expected to compete immediately for capital within its portfolio.
The transaction also adds Devon-owned mineral interests to Crescent Royalties, expanding the scale and operatorship of the company’s minerals platform.
Crescent has identified approximately $140 million in potential annual synergies across drilling and completion activities, lease operating expenses, and marketing.
The company expects the acquisition to improve capital efficiency, margins, and free cash flow generation.
Crescent said its existing minerals ownership across the acquired acreage and nearby operations gives it extensive familiarity with the assets.
The transaction is expected to close during the fourth quarter of 2026 or early 2027, subject to customary closing conditions.
KEY QUOTES:
“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.”
David Rockecharlie, Chief Executive Officer 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 solidifies Crescent’s world-class Eagle Ford position and creates significant additional value creation opportunities through our proven operating strategy.”
David Rockecharlie, Chief Executive Officer of Crescent Energy
