BUZZ - Devon Energy shares rise after the company agrees to sell Eagle Ford assets for $4.2 billions

October 8 - ** Oil and gas producer Devon Energy DVN.N rose 2.65% in pre-market trading to $49.15

(link) ** The company stated it will sell its Eagle Ford assets for $4.2 billion in cash to Crescent Energy CRGY.N

** DVN's Eagle Ford assets include approximately 90,000 net acres in Texas, accounting for about 4% of its total oil-equivalent production

** This asset divestment comes as the company faces investor pressure to streamline its portfolio and focus on its core Permian Basin business after merging with Coterra Energy

** The transaction is expected to be completed around the end of 2026

** CRGY shares fell 2% to $13.20; the company also announced a $1 billion stock offering to raise the funds needed for the transaction with DVN

** As of the previous trading day's close, DVN has risen 30.71% so far this year

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