Crescent Energy Acquires Devon Energy Assets in Texas Shale Basin
What happened
Crescent Energy agreed to buy Devon Energy’s Eagle Ford assets in a $4.2 billion cash transaction, announced October 8. This purchase will expand Crescent Energy’s operations in the Texas shale basin. To finance the deal, Crescent Energy is launching a $1 billion stock offering. The acquired assets include approximately 68,000 barrels of oil equivalent a day of net production, based on an internal July forecast.
From finchannel.com
Why it matters
The acquisition expands Crescent Energy's footprint in the Texas shale basin, with Crescent Energy estimating $140 million in annual synergies across drilling and completion. The transaction involves a $1 billion stock offering, which is listed on the New York Stock Exchange.
From finchannel.com
Who's involved
- Morgan StanleyInvolved in underwriting the $1 billion stock offering and M&A advisory.
- LazardAdvising on the $4.2 billion asset acquisition.
- TexasThe state where Crescent Energy will expand its shale basin operations.
- New York Stock ExchangeThe stock exchange where both companies trade and where the offering is listed.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Morgan StanleySpeculative
Could see changes in revenue from underwriting the $1 billion stock offering.
- TexasSpeculative
Might see increased investment and operational expansion in the shale basin.
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The entities involved
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Texas
state of the United States of America
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New York Stock Exchange
American stock exchange