Crescent Energy has agreed to acquire Devon Energy’s Eagle Ford assets for $4.2 billion in cash, expanding its South Texas operations. The package includes approximately 90,000 net acres in Karnes, DeWitt and Gonzales counties, 68,000 barrels of oil equivalent per day (boe/day) of net production and more than 600 Tier 1 net drilling locations adjacent to Crescent’s existing acreage. The announcement does not specify a closing date.
OilGasLeads’ Devon Eagle Ford drilling report contains 99 well records since 2025, including 82 in DeWitt County and 17 in Karnes County. DeWitt represents approximately 83% of reported activity. Although Gonzales County is included in the acquisition, no Gonzales records appear in this drilling dataset.
Four contractor-and-rig combinations appear in the report: H&P 437 with 44 records, H&P 539 with 28, H&P 384 with 26 and Nabors X03 with one. The three H&P rigs account for 98 of the 99 records, showing concentrated historical drilling relationships. These counts describe recorded well activity and do not establish current rig assignments or future contract awards.
The Devon Eagle Ford report contains 99 wells drilled for wells drilled since 2025.
Record count by county
County Record Count DeWitt 82 Karnes 17 Total 99
Top Contractor and Rig by record count
Only four distinct Contractor and Rig combinations appear in the report.
Contractor and Rig Record Count H&P 437 44 H&P 539 28 H&P 384 26 Nabors X03 1
DeWitt County accounts for 82.8% of the records, while the three H&P rigs account for 98 of the 99 records.
Crescent launched a $1 billion common-stock offering, with an additional $150 million underwriters’ option, to help finance the purchase. Devon plans to use after-tax proceeds for share repurchases and debt reduction as it concentrates its portfolio on longer-life, higher-return assets. For suppliers, the transaction makes operating contacts, vendor qualification and purchasing arrangements key areas to monitor during integration.
Industry Impact
The acquisition consolidates ownership of an established U.S. production base and development inventory. The U.S. “Safe Barrel” theme emphasizes the strategic value of domestic supply supported by established infrastructure and market access. Maintaining production and developing these assets efficiently connects that value to demand for drilling, completion and production services.
Sales Strategy
Oilfield services (OFS) sales teams should prioritize DeWitt and Karnes counties using the reported drilling concentration. Map Devon’s existing field relationships to Crescent’s operations and procurement teams, and lead with measurable improvements in artificial lift, maintenance, chemicals and operating costs. Confirm future drilling schedules and contracting requirements before pursuing rig or completion commitments.
Two-Sentence Summary
Crescent Energy has agreed to buy Devon’s Eagle Ford assets for $4.2 billion, adding approximately 90,000 net acres, 68,000 boe/day of production and more than 600 Tier 1 net drilling locations. OilGasLeads’ report records 99 Devon Eagle Ford wells since 2025—82 in DeWitt and 17 in Karnes—with three H&P rigs accounting for 98 records.
Author: phinds