Monitor closing conditions and regulatory approvals for the Devon EF Assets acquisition, expected in Q4 2026 or early 2027. The financing structure (bridge loan and revolver) will increase leverage near-term, but the company's strong free cash flow generation and identified synergies support deleveraging. Watch for any equity issuance to reduce debt.
Price Chart
Executive Summary
Crescent Energy announced a definitive agreement to acquire Eagle Ford assets from Devon Energy for approximately $4.22 billion in cash, solidifying its position in the basin. The transaction is expected to close in Q4 2026 or early 2027 and will be funded through cash on hand and debt financing, including a $2.0 billion bridge facility. The filing also includes pro forma financials reflecting the acquisition and prior mergers, showing meaningful accretion across key metrics.
Key Financial Metrics
Key Facts
- Acquisition of Eagle Ford assets from Devon Energy for $4.22 billion in cash.
- Assets include ~68 Mboed of net production and over 600 Tier 1 net locations.
- Transaction expected to close in Q4 2026 or early 2027.
- Financing includes $2.0 billion bridge facility and $2.0 billion revolver borrowings.
- Pro forma combined proved reserves of 1,127.3 MMBoe as of Dec 31, 2025.
- Pro forma 2025 Adjusted EBITDAX of $4.1 billion and Levered Free Cash Flow of $0.8 billion.
- Approximately $140 million in annual synergies identified.
- Devon EF Assets had 2025 revenues of $996.7 million and direct operating expenses of $265.0 million.
- Pro forma net loss of $373.6 million for 2025 (including impairment charges).
- Pro forma net income of $251.8 million for H1 2026.
Financial Impact
Acquisition of $4.22 billion in cash; pro forma combined proved reserves of 1,127.3 MMBoe; pro forma 2025 Adjusted EBITDAX of $4.1 billion.
Risk Factors
- Integration risk with Devon EF Assets and prior acquisitions (Vital, Ridgemar).
- Increased leverage from $4.0 billion in new debt (bridge and revolver).
- Commodity price volatility could impact expected returns and cash flow.
- Regulatory approvals and customary closing conditions may delay or prevent closing.
Investment Themes
Documents Analyzed
This report is based on 13 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-065385 |
| Exhibit: exhibit995-8xkoctober2026.htm | 0001628280-26-065385 |
| Exhibit: exhibit994-8xkoctober2026.htm | 0001628280-26-065385 |
| Exhibit: exhibit992-8xkoctober2026.htm | 0001628280-26-065385 |
| Exhibit: exhibit991-8xkoctober2026.htm | 0001628280-26-065385 |
| Exhibit: exhibit232-8xkoctober2026.htm | 0001628280-26-065385 |
| Exhibit: exhibit233-8xkoctober2026.htm | 0001628280-26-065385 |
| Exhibit: exhibit231-8xkoctober2026.htm | 0001628280-26-065385 |
| Document: crgy-20261008.htm | 0001628280-26-065385 |
| Document: 0001628280-26-065385-index-headers.html | 0001628280-26-065385 |
| Document: 0001628280-26-065385-index.html | 0001628280-26-065385 |
| Document: 0001628280-26-065385.txt | 0001628280-26-065385 |
| 8-K Data (Synthetic) | 0001628280-26-065385 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | Institutional Cluster | $13.50 | awaiting T+60 | — | $13.88 (+2.81%) |
Oct 15, 2026 11d ago | 8-K | $13.77 | awaiting T+60 | — | $13.88 (+0.80%) |
Oct 13, 2026 13d ago | SC 13D/A | $12.85 | awaiting T+60 | — | $13.88 (+8.02%) |
Oct 9, 2026 17d ago | 8-K | $12.78 | awaiting T+60 | — | $13.88 (−8.61%) |
Oct 8, 2026 18d ago | SC 13G | $13.01 | awaiting T+60 | — | $13.88 (+6.69%) |
Oct 8, 2026 19d ago | S-3ASR | $13.01 | awaiting T+60 | — | $13.88 (+6.69%) |
Oct 8, 2026 19d ago | 8-K | $13.01 | awaiting T+60 | — | $13.88 (+6.69%) |
Jun 12, 2026 19w ago | Institutional Cluster | $11.58 $14.19 | ▲ +22.54% | ▲ +19.27% | $13.88 (+19.86%) |
Jun 11, 2026 19w ago | Institutional Cluster | $11.48 $13.77 | ▲ +19.95% | ▲ +15.55% | $13.88 (+20.91%) |
May 22, 2026 22w ago | 8-K | $12.43 $13.43 | ▲ +8.05% | ▲ +5.32% | $13.88 (+11.67%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers