Devon Energy said on Thursday it would sell its Eagle Ford assets to Crescent Energy for $4.2 billion in cash.
The divestment comes amid continued investor pressure on Devon to streamline its portfolio and focus on its core Permian Basin operations following its recent $58 billion merger with Coterra Energy, which created one of the biggest independent oil companies in the U.S.
U.S. shale producers have been selling assets to pay down debt following a consolidation wave totaling more than $450 billion in deals since the start of 2023.
The Eagle Ford assets to be sold consist of about 90,000 net acres in Karnes, DeWitt, and Gonzales Counties, Texas. The assets represent approximately 4% of Devon’s total BOE production.
The transaction is expected to close around year-end 2026
(Reporting by Katha Kalia and Vallari Srivastava in Bengaluru; Editing by Joyjeet Das and Tasim Zahid)