Crescent Energy Agrees To Pay $4.22 Billion Cash For Devon's Eagle Ford Assets, About $3.85 Billion Net
The 8-K lists a $4.22 billion cash price before adjustments, backed by a $2.0 billion JPMorgan bridge loan commitment.
Crescent Energy agreed Thursday to buy Eagle Ford oil and gas assets from a Devon Energy subsidiary for $4,220,000,000 in cash, according to an 8-K. The company puts the estimated net purchase price at about $3.85 billion, and the assets sit next to land it already operates in the same South Texas basin.
What the 8-K says
The purchase price is subject to customary adjustments, including reductions for proceeds from hydrocarbon sales after the July 1, 2026 economic effective date. The deal is all cash and is expected to close in the fourth quarter of 2026 or early 2027, pending customary closing conditions and regulatory approvals.
On funding, Crescent obtained a commitment letter from JPMorgan Chase Bank for a bridge credit facility of up to $2.0 billion. The company plans to pay with a mix of cash, debt and, as markets allow, equity.
The assets cover about 89 thousand net acres, 97% operated. Average net production was about 56 thousand barrels of oil equivalent per day (65% oil-weighted) in 2025 and about 71 thousand (63% oil-weighted) in the six months to June 30, 2026. The July 2026 run-rate is 68 thousand, and the assets carry more than 600 top-tier net drilling locations.
What it changes
Crescent says it has identified about $140 million in annual synergies across drilling and completion, lease operating costs and marketing. It expects gains in cash flow, free cash flow and net asset value.
Proved reserves at December 31, 2025 rise to 1,127.3 net million barrels of oil equivalent with the deal, from 975.5 million. Pro forma 2025 production comes to 316 thousand barrels a day, versus 260 thousand reported. Crescent also now expects capital spending, excluding acquisitions, of about $1.75 billion for 2026, assuming the deal had closed January 1, 2026.
On a pro forma basis for the six months to June 30, 2026, net income is $251.8 million, versus $74.5 million reported. The pro forma full-year 2025 figure is a $373.6 million net loss, versus $167.2 million of net income reported. These figures also include the earlier Vital Energy and Ridgemar deals.
CEO David Rockecharlie said the deal adds "high-quality assets at an attractive valuation in the heart of one of our core operating areas." Crescent finished the Ridgemar (Eagle Ford) purchase on January 31, 2025 and the Vital Energy merger on December 15, 2025. It says Devon-owned minerals will add scale to its royalties platform.
What to watch
Crescent will detail the transaction on a conference call. The debt-and-equity mix depends on market conditions. In Thursday pre-market trading as of 7:16 a.m. ET, CRGY shares were $13.47, down 1.10%.
Closing is targeted for the fourth quarter of 2026 or early 2027, and the funding mix is still open.
Sources
- 8-K Filing — Crescent Energy Co (CRGY) — SEC EDGAR
- Exhibit exhibit991-8xkoctober2026.htm — Crescent Energy Co 8-K exhibit — SEC EDGAR
- Exhibit exhibit992-8xkoctober2026.htm — Crescent Energy Co 8-K exhibit — SEC EDGAR
- Exhibit exhibit993-8xkoctober2026.htm — Crescent Energy Co 8-K exhibit — SEC EDGAR
- Exhibit exhibit994-8xkoctober2026.htm — Crescent Energy Co 8-K exhibit — SEC EDGAR
- Exhibit exhibit995-8xkoctober2026.htm — Crescent Energy Co 8-K exhibit — SEC EDGAR
