ERF - Devon Energy Could Soon Join the Oil Patch Acquisition Binge
2024-02-09 05:00:00 ET
There's currently a massive consolidation wave happening in the oil patch. Oil giants ExxonMobil , Chevron , and Occidental Petroleum have sealed deals to buy rivals. Meanwhile, several smaller producers have also made acquisitions.
Devon Energy (NYSE: DVN) could be the next oil stock to make an acquisition. It has reportedly offered to buy Enerplus (NYSE: ERF) . Here's a look at why Devon is interested in the company.
Enerplus is a Canadian headquartered, U.S.-focused oil and gas company. It was Canada's first oil and gas royalty trust when it started operations in 1986. However, the company has evolved over the years. It sold its remaining Canadian assets at the end of 2022 to focus on its higher-return U.S. resource plays.
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Devon Energy Could Soon Join the Oil Patch Acquisition Binge