Devon Energy is selling its South Texas oilfield assets in a $4.2 billion cash sale to fellow Houston firm Crescent Energy, the companies said Thursday.
Devon is Houston’s newest energy giant, following its $21.4 billion merger with Coterra Energy this summer. The Eagle Ford sale marks its latest step toward refocusing on oil production in the Permian Basin as Texas companies seek more efficient drilling options in deeper basins.
The Eagle Ford Shale is located along the south and eastern edges of Texas, and is known for its gassy oil fields. The sale includes 90,000 acres across Karnes, DeWitt and Gonzales counties, and accounts for 4% of Devon’s oil and gas production.
ENERGY CAPITAL:Coterra and Devon announce a $21.4 billion merger. The deal creates a new Houston-based oil giant…