Devon Energy agrees to sell Eagle Ford assets for $4.2 billion

• Devon Energy (NYSE:DVN) agreed to sell its Eagle Ford assets to Crescent Energy for $4.2 billion in cash.
• The assets account for about 4% of Devon’s total production on a barrels-of-oil-equivalent basis.
• Devon plans to use after-tax proceeds for accelerated share repurchases and debt reduction after the expected year-end 2026 closing.

Devon Energy (NYSE:DVN) agreed to sell its Eagle Ford assets to Crescent Energy for $4.2 billion in cash, with the transaction carrying an effective date of July 1, 2026.

The divested assets represent approximately 4% of Devon’s total production on a barrels-of-oil-equivalent basis, making the transaction a portfolio reshaping move rather than a sale of a core share of production.

Devon said the transaction is expected to increase free cash flow and net asset value per share while extending inventory life and lowering its corporate breakeven.

The company also expects the divestiture to reduce its base production decline rate, while the $4.2 billion purchase price remains subject to customary closing adjustments.

Devon plans to direct after-tax proceeds toward accelerated share repurchases and debt reduction, with closing expected around year-end 2026 subject to regulatory approvals and customary conditions.

The Eagle Ford sale continues Devon’s focus on concentrating capital within its remaining asset base while using divestiture proceeds to adjust leverage and shareholder returns.

Crescent Energy will acquire the Eagle Ford properties once closing conditions are met, while Devon will retain the remainder of its production portfolio and associated development inventory.