Houlihan Lokey Advises Crescent Energy

Houlihan Lokey is pleased to announce that Crescent Energy Company (NYSE:CRGY) (Crescent) has entered into a definitive agreement to acquire the Eagle Ford assets of Devon Energy Corporation (NYSE:DVN) (Devon) in an all-cash transaction valued at $4.2 billion (approximately $3.85 billion net purchase price).⁽¹⁾

The acquired assets would consist of approximately 90,000 net acres in Karnes, DeWitt, and Gonzales counties, Texas, with approximately 68 MBoe/d of high-margin, oil-weighted net production⁽²⁾ and more than 600 Tier 1 net locations (normalized to 10,000 feet). The asset also includes Devon-owned minerals, which add significant scale and increased operatorship to Crescent’s royalties platform.

Crescent is a differentiated energy company committed to delivering value through a disciplined, returns-driven growth-through-acquisition strategy and consistent return of capital, with operations focused in the Eagle Ford, Permian, and Uinta basins, and minerals and royalty interests across premier U.S. oil and natural gas basins. The transaction is expected to be accretive across all key metrics, including cash flow from operations, free cash flow, and net asset value, with approximately $140 million in annual synergies identified across drilling and completions, LOE, and marketing.

The transaction has an effective date of July 1, 2026, and is expected to close in the fourth quarter of 2026 or early 2027, subject to customary closing conditions.

Houlihan Lokey acted as financial advisor to the special committee of the board of directors of Crescent in connection with this transaction. This deal highlights the Houlihan Lokey team’s continued market leadership and expertise in advising boards and special committees on landmark transactions in the upstream energy sector.

(1) Net purchase price is defined as headline purchase price less estimated purchase price adjustments, including, among other things, allocations of certain revenues and expenses based on a July 1, 2026 effective date.

(2) Represents July 2026 net production from Crescent Energy internal forecast.

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