Crescent Energy adds Karnes Trough position with Devon Eagle Ford deal

Crescent Energy agreed to acquire Eagle Ford assets from Devon Energy for an estimated net purchase price of about $3.85 billion, adding oil-weighted production and inventory adjacent to its existing operations.

The assets include about 68,000 barrels of oil equivalent per day (boed) of net production, based on a July 2026 internal forecast, and more than 600 net locations that Crescent classifies as Tier 1, normalized to 10,000 ft. Much of the inventory sits in the Karnes Trough. Devon-owned minerals in the area will also join Crescent’s royalties business.

Crescent plans to fund the purchase with cash on hand and, depending on market conditions, a mix of debt and equity. The deal is expected to close in the fourth quarter of 2026 or early 2027, subject to customary closing conditions.