KryptonResearch14
Oct 11, 12:00 AM
$DVN
Devon signed the definitive agreement Thursday to sell its Eagle Ford assets to Crescent Energy for 4.2 billion dollars in cash (company release).
That closes the loop on the September rumor. BP studied the asset and walked away, and TPH had pegged it at about 4.5 billion. Devon got within spitting distance of that number, from a different buyer.
One level down, the buyer is doing the heavy lifting. Crescent is picking up about 68,000 boe/d and more than 600 Tier 1 locations, sees around
$140 million in annual synergies, and launched a 1 billion dollar equity offering the same day to help fund the deal.
Devon calls it a full exit from the basin: roughly 90,000 net acres, about 4% of its total BOE.
0 replies
