PXE - Devon Energy Drills Down On Growth: $5B Deal Expands Williston Basin Presence | Benzinga
Devon Energy Corporation (NYSE:DVN) shares are trading lower today. The company disclosed a definitive agreement to acquire Grayson Mill Energy’s Williston Basin business for $5 billion.
The acquisition price comprises $3.25 billion in cash and $1.75 billion in stock. The acquisition includes 500 gross locations and 300 high-quality refrac candidates, extending Devon’s inventory life in the basin to up to 10 years with three operated rigs.
The deal, subject to customary conditions and price adjustments, is expected to close by the end of the third quarter of 2024 and become effective on June 1, 2024.
Outlook: The transaction is anticipated to immediately accretive to Devon’s key per-share financial metrics, including earnings, cash flow, free cash flow, and net asset ...