Devon to Sell Shale Oil Assets to Crescent for $4.2 Billon

AI Summary

Devon Energy agreed to sell its Eagle Ford shale drilling portfolio in South Texas to Crescent Energy for approximately $4.2 billion. Crescent is backed by KKR, and the transaction transfers a substantial set of producing oil assets.

Devon 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.