Devon Energy to sell Eagle Ford assets to Crescent for $4.2B

Devon's subsidiary agreed to sell Eagle Ford oil and gas assets to Crescent Energy for $4.2 billion in cash, with closing expected in Q4 2026 or early 2027. This is a major divestiture that will generate substantial proceeds for share repurchases and debt reduction, materially affecting capital allocation and shareholder returns.

Devon Energy is selling a large portion of its oil and gas properties in Texas for $4.2 billion, which it plans to use to buy back its own stock and pay down debt.