Crescent Energy to Buy Devon Eagle Ford Assets for $3.85 Billion

The Tip Desk · November 3, 2026 · 2 min read

The all-cash purchase of Tier 1 Eagle Ford inventory adjacent to existing operations is expected to close in late 2026 or early 2027.

Crescent Energy Company (CRGY) agreed to buy Eagle Ford assets from Devon Energy for approximately $3.85 billion in cash, a purchase the company said would solidify its Eagle Ford position by adding Tier 1 inventory and meaningful scale directly adjacent to existing operations.

The independent oil and gas producer said the all-cash transaction is expected to close in the fourth quarter of 2026 or early 2027, subject to customary closing conditions.

Crescent has spent the past year scaling its Eagle Ford platform through bolt-on purchases and operational cost work. In the second quarter of 2026 it produced 335 MBoe/d, including 140 MBo/d of oil, and generated record operating cash flow of $707 million and record levered free cash flow of $418 million. Operating expense was $13.38/Boe, and adjusted operating expense excluding production and other taxes was $10.95/Boe, about 9% below the prior 2026 guidance midpoint.

The company also increased its Permian synergy target to approximately $250 million to $300 million, roughly three times the original target, with about $190 million captured to date. It redeemed the remaining $259 million of senior notes due 2029 and maintained about $2.0 billion of pro forma liquidity.

A quarter earlier, Crescent produced a record 341 MBoe/d, drilled 38 gross operated wells — 29 in the Eagle Ford — and brought online 37 gross operated wells, including 26 in the Eagle Ford. It incurred $385 million of capital expenditures excluding acquisitions and generated $409 million of operating cash flow and $192 million of levered free cash flow.

The Devon Eagle Ford purchase follows a larger transformation in 2025, when Crescent closed an approximately $3.1 billion all-stock acquisition of Vital Energy, Inc. (VTLE) and signed agreements for more than $700 million of non-core divestitures. Full-year 2025 production averaged a record 260 MBoe/d, and the company said it transformed the portfolio through about $5 billion of acquisitions and divestitures, exiting the year with about $2 billion of liquidity.

Crescent’s stated strategy is disciplined growth through acquisition and a consistent return of capital, with a long-life, balanced portfolio combining stable cash flow from low-decline production and deep, high-quality development inventory. The Devon Eagle Ford assets, the company said, add Tier 1 inventory and scale directly adjacent to existing operations.

The transaction is expected to close in the fourth quarter of 2026 or early 2027, subject to customary closing conditions.