DVN · 8-K · 20261008PR417944

Acquisitions and Divestitures

DEVON ENERGY CORP/DE · 2026-10-08 · Importance 64 · Surprise 42 · In source text

Devon agreed to sell its Eagle Ford assets to Crescent Energy for $4.2 billion in cash, subject to customary closing adjustments. The assets comprise approximately 90,000 net acres in Karnes, DeWitt, and Gonzales Counties, Texas, and represent approximately 4% of Devon’s total BOE production. Devon said the divestiture is intended to high-grade its portfolio, lengthen inventory life, lower its go-forward corporate breakeven, and reduce its corporate base production decline rate. After-tax proceeds are planned for accelerated share repurchases and debt reduction; the transaction has a July 1, 2026 effective date and is expected to close around year-end 2026, subject to regulatory approvals and customary closing conditions.

Key facts

• On October 8, 2026, Devon Energy entered into a definitive agreement to sell its Eagle Ford assets to Crescent Energy Company for $4.2 billion in cash, subject to customary closing adjustments. source
• The transaction has an effective date of July 1, 2026, and Devon expects it to close around year-end 2026, subject to regulatory approvals and customary closing conditions. source
• Devon said it would provide additional transaction details, including the impact on its outlook, with its third-quarter 2026 results on November 5, 2026, and on a conference call and webcast on November 6, 2026. source
• The Eagle Ford assets represent approximately 4% of Devon’s total BOE production. source
• Devon stated the $4.2 billion purchase price is accretive on a per-share basis to Free Cash Flow and Net Asset Value. source
• Devon stated that the divestiture lengthens its inventory life, lowers its go-forward corporate breakeven, and reduces its corporate base production decline rate. source
• Devon said the agreed sale price was above its internal hold case, including potential strategic upside. source
• Devon identified delay or failure to consummate the sale due to unsatisfied closing conditions or otherwise as a risk to the transaction. source

Impact estimates