Crescent Energy to Acquire Devon's Eagle Ford Assets for $4.22B Cash
CRGY sits 79% above its 52-week low of $7.68.
Summary
Crescent Energy agreed to acquire Devon Energy's Eagle Ford assets for $4.22 billion in cash, adding ~71 MBoe/d of production and 152 MMBoe of proved reserves. The deal is financed with a $2.0B bridge loan, $2.0B revolver draw, and cash on hand.
Key Events · M&A and Partnerships · CRGY
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Devon EF Assets Acquisition Agreement
Crescent entered into a definitive agreement to acquire Devon Energy's Eagle Ford assets for $4.22 billion in cash, subject to customary purchase price adjustments. Net purchase price is estimated at approximately $3.85 billion.
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Production and Reserves Added
The acquired assets add approximately 71 MBoe/d of net production (63% oil-weighted) and 152 MMBoe of proved reserves as of December 31, 2025, including 89 thousand net acres (97% operated).
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Financing Structure
Crescent obtained a $2.0 billion bridge credit facility commitment from JPMorgan and intends to fund the transaction with cash on hand plus a balanced mix of debt and equity. Pro forma balance sheet assumes $2.0B bridge borrowings and $2.0B revolver draw.
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Expected Closing Timeline
The transaction is expected to close in the fourth quarter of 2026 or early 2027, subject to customary closing conditions and regulatory approvals, including HSR clearance.
Analysis · CRGY · Energy & Transportation
A deal nearly equal to the company's entire market cap is set to transform Crescent Energy's scale in the Eagle Ford. The acquisition of Devon Energy's assets for $4.22 billion in cash adds roughly 71 MBoe/d of oil-weighted production and 152 MMBoe of proved reserves. Financing includes a $2.0 billion bridge loan from JPMorgan plus $2.0 billion drawn on the revolving credit facility, with the remainder from cash on hand. The transaction is expected to close in Q4 2026 or early 2027, subject to regulatory approvals. This is a thesis-altering move that materially expands Crescent's production base and reserve life while adding significant leverage.
How filings like this one have moved
In the 30 days to Oct 8, 2026, 42.9% of the 336 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.65%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, CRGY was trading at $13.77 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $4.5B. The 52-week trading range was $7.68 to $15.47. This filing was assessed with neutral market sentiment and an importance score of 9 out of 10.