- Devon Energy Corp. agreed to sell its drilling portfolio in the Eagle Ford shale basin of South Texas to Crescent Energy Co. for about $4.2 billion.
- Crescent Energy is an oil producer backed by KKR & Co., which gains a larger South Texas position through the purchase.
- The transaction is a $4.2 billion cash-scale asset deal that concentrates Devon's portfolio away from the Eagle Ford and expands Crescent's operated acreage.
Quotes
“Devon Energy Corp. agreed to sell its drilling portfolio in the Eagle Ford shale basin of South Texas to Crescent Energy Co., an oil producer backed by KKR & Co., for about $4.2 billion.”