Devon Energy Sells Eagle Ford Shale Assets to Crescent Energy
· Business · Bloomberg, Wall Street Journal
Devon Energy Corp. has agreed to sell its drilling portfolio in the Eagle Ford shale basin of South Texas to Crescent Energy Co. for approximately $4.2 billion. Crescent Energy, an oil producer backed by KKR & Co., will acquire the assets as part of the transaction. The sale involves significant shale oil infrastructure located in the South Texas region. The company has not disclosed the specific timeline for the completion of the deal.
Why it matters
This divestment allows Devon Energy to streamline its operations, while Crescent Energy expands its footprint in the prolific Eagle Ford shale basin.
Read the original report — Bloomberg
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