President and CEO Clay Gaspar said the deal is the outcome of an ongoing portfolio review and sharpens the company’s focus on its highest-return and longest-duration assets.
Devon Energy Corporation (DVN) News
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- Last price
- $48.92
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- +2.17%
- Next earnings
- 2026-11-04
DVN headlines
last 30 daysDevon 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.
The departures of Devon Energy and Expand Energy are the latest sign that oil-and-gas mergers are consolidating the industry in Houston.
Oil is highly volatile, with focused pure-play drillers likely to benefit most from high oil prices.
It looked like a great fit... until it wasn't.
BP has started looking seriously at U.S. shale assets again, including Devon Energy’s Eagle Ford business, as CEO Meg O’Neill pushes the company back toward oil and gas growth. BP entered the data room for Devon’s South Texas assets after it opened in late August, according to…
Toms, which manages just over $4 billion in assets, says in the letter it is now one of Devon's top five shareholders.
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