Devon Energy said its wholly owned subsidiary, Devon Energy Production Company, L.P., entered into an agreement on October 8, 2026 with Crescent (Eagle Ford) LLC to sell oil and gas assets in the Eagle Ford in South Texas for $4.2 billion in cash. The purchase price is subject to adjustments.

1. 01

   Devon Energy said its wholly owned subsidiary, Devon Energy Production Company, L.P., entered into an agreement on October 8, 2026 with Crescent (Eagle Ford) LLC to sell oil and gas assets in the Eagle Ford in South Texas for $4.2 billion in cash. The purchase price is subject to adjustments.

2. 02

   The company said the purchase price adjustments include allocations of revenues and expenses based on an effective date of July 1, 2026. It expects the transaction to close in Q4 2026 or early 2027, subject to customary conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Act.

3. 03

   The company said the Eagle Ford assets being sold cover approximately 90,000 net acres in Karnes, DeWitt and Gonzales Counties, Texas, and account for approximately 4% of its total BOE production.

4. 04

   Devon said it plans to use the after-tax sale proceeds to accelerate share repurchases and strengthen its balance sheet through debt reduction. The company also disclosed that the actual proceeds received and the ultimate use of those proceeds could differ.

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