Devon Energy up as co agrees to sell Eagle Ford assets for $4.2 billion
08/10/2026 13:17
BUZZ-Devon Energy up as co agrees to sell Eagle Ford assets for $4.2 billion ** Oil and gas producer Devon Energy DVN.N up 2.65% to $49.15 premarket
** Co says it will sell its Eagle Ford assets to Crescent Energy CRGY.N for $4.2 billion in cash
** DVN's Eagle Ford assets include about 90,000 net acres in Texas and account for roughly 4% of its total oil-equivalent production
** Divestment comes as co faces investor pressure to streamline its portfolio and focus on its core Permian Basin operations following its merger with Coterra Energy
** The transaction is expected to close around the end of 2026
** CRGY down 2% to $13.20; co also announced $1 billion stock offering to fund deal with DVN
** As of last close, DVN up 30.71% YTD
(Reporting by Jayasree Prabhu)