Crescent Energy Announces $1 Billion Stock Offering to Fund Devon Deal
MT newswire2026/10/08 12:0608:06 AM EDT, 10/08/2026 (MT Newswires) -- Crescent Energy (CRGY) launched a $1 billion underwritten public offering of class A common stock to fund part of its planned acquisition of Eagle Ford assets from Devon Energy (DVN), the company said Thursday. Underwriters are expected to be granted a 30-day option to purchase up to an additional $150 million of shares. A KKR (KKR) affiliate, which owns about 7.9% of Crescent's class A stock, indicated interest in buying up to $500 million of the shares on the same terms as other investors, it added. If the Devon acquisition is not completed, the proceeds will be used for general corporate purposes, including repaying subsidiary indebtedness, it added. The Devon acquisition is expected to close in Q4 2026 or early 2027. Devon Energy shares were up 2% in premarket activity.
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