DEVON ENERGY acquired by CRESCENT ENERGY

Crescent Energy agreed on 8 October 2026 to acquire the Eagle Ford assets of Devon Energy for total consideration of in cash, before purchase price adjustments tied to an effective date of 1 July 2026. The package covered net acreage in Karnes, DeWitt and Gonzales Counties, Texas, which Devon had assembled over several years and which represented a small share of its production. For Crescent, the acreage sits directly next to its existing Eagle Ford operations and adds oil-weighted production along with Tier 1 drilling locations in the Karnes Trough. The deal also included Devon-owned mineral interests that overlap with Crescent Royalties’ holdings, lifting the operated share of that royalty portfolio from roughly a tenth to about two fifths. Crescent planned to fund the purchase with debt, equity and available cash, with long-term investor KKR committing capital and the company launching a public offering of common stock, and expected savings from longer lateral development, lower lease operating costs and marketing, mostly from 2027. Devon presented the sale as the result of an ongoing portfolio review, with after-tax proceeds earmarked for accelerated share buybacks and debt reduction. It expected the disposal to lengthen its inventory life, lower its corporate breakeven and slow its base production decline. Completion was expected around the turn of the year, subject to regulatory approvals and closing conditions. RBC Richardson Barr acted as exclusive financial adviser to Devon, with Kirkland & Ellis as legal counsel.