Devon Energy Announces Agreement to Exit the Eagle Ford for $4.2 Billion
Key Highlights
- ➤Devon agrees to sell Eagle Ford assets to Crescent Energy for $4.2 billion cash
- ➤Eagle Ford assets cover approximately 90,000 net acres and represent 4% of Devon’s BOE production
- ➤After-tax proceeds will accelerate share repurchases and reduce debt
- ➤Transaction expected to close around year-end 2026, pending regulatory approvals and closing conditions
Expert Statements
Clay Gaspar, President and Chief Executive Officer of Devon Energy
“This sale is a direct outcome of our ongoing portfolio review, and it sharpens our focus on the highest-return, longest-duration assets.”
Clay Gaspar, President and Chief Executive Officer of Devon Energy
“Over the past several years, we have leveraged technology to lower costs and increase productivity while coring up our Eagle Ford acreage footprint, and the attractive price agreed to reflects both the quality of the assets and that work.”
Clay Gaspar, President and Chief Executive Officer of Devon Energy
“Selling a relatively mature asset into a strong commodity price environment improves our go-forward capital efficiency and allows us to accelerate share buybacks, strengthen our balance sheet and increase long-term value for shareholders.”
Clay Gaspar, President and Chief Executive Officer of Devon Energy
“This transaction is our strategy at work.”
Clay Gaspar, President and Chief Executive Officer of Devon Energy
“We acted decisively and countercyclically while navigating a volatile macro environment and received a price above our internal hold case, including potential strategic upside.”
Clay Gaspar, President and Chief Executive Officer of Devon Energy
“This divestiture builds on the accretive steps taken in 2026 – combining with Coterra, adding premier Delaware Basin inventory in the federal lease sale and investing in the Solitude pipeline to integrate our gas production from wellhead to market.”
Clay Gaspar, President and Chief Executive Officer of Devon Energy
“This marks meaningful progress in our disciplined portfolio review.”
Clay Gaspar, President and Chief Executive Officer of Devon Energy
“We remain focused on improving the quality and longevity of our portfolio, expanding our margins and enhancing long-term value per share.”
HOUSTON, Oct. 08, 2026 (GLOBE NEWSWIRE) -- Devon Energy Corp. (NYSE: DVN) today announced it has entered into a definitive agreement to sell its Eagle Ford assets to Crescent Energy Company for total consideration of $4.2 billion in cash, subject to customary closing adjustments.
“This sale is a direct outcome of our ongoing portfolio review, and it sharpens our focus on the highest-return, longest-duration assets,” said Clay Gaspar, President and Chief Executive Officer. “Over the past several years, we have leveraged technology to lower costs and increase productivity while coring up our Eagle Ford acreage footprint, and the attractive price agreed to reflects both the quality of the assets and that work. Selling a relatively mature asset into a strong commodity price environment improves our go-forward capital efficiency and allows us to accelerate share buybacks, strengthen our balance sheet and increase long-term value for shareholders.”
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