Crescent Energy has acquired Devon Energy's assets in the Eagle Ford field for approximately $3.85 billion by signing a definitive agreement. This agreement includes 68,000 barrels of oil equivalent per day (boed) production and over 600 drilling locations in the company's operations in South Texas.
Expanding Crescent's Position in Eagle Ford
This acquisition expands Crescent's position in the Eagle Ford shale, as the purchased assets are directly adjacent to the company’s existing operations in the Karnes Trough area. The deal is expected to close in the fourth quarter of 2026 or early 2027, subject to customary conditions.
Details of the Acquired Assets
The acquired portfolio includes over 600 Tier 1 drilling locations that are typically configured to 10,000-foot laterals. This allows Crescent to have additional development inventory in one of its core operating areas. It is estimated that this acquisition will generate approximately $140 million annually in synergies through drilling, completion, lease operating expenses, and marketing efficiencies. Additionally, it is expected to enhance cash flow, margins, and investment efficiency.
Comments from Crescent Energy Management
David Rockecharlie, CEO of Crescent Energy, stated, "This acquisition represents an important step for Crescent in adding high-quality assets at an attractive value in the heart of one of our core operating areas. We know these assets well and see meaningful opportunities to improve them through long-term ownership and close operations." This deal also includes mineral interests owned by Devon, which expands Crescent Royalties' mineral platform and increases scale and exposure to further development on the acquired lands.
Crescent has indicated that the financial structure of the acquisition and expected free cash flow production will contribute to the continued reduction of debt and the company's advancement towards an investment-grade credit profile. This agreement remains subject to customary closing conditions.
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