Devon Energy announces strategic acquisition in the Williston Basin
Published by Jack Roscoe,
Editorial Assistant
Oilfield Technology,
Devon Energy has announced it has entered into a definitive purchase agreement to acquire the Williston Basin business of Grayson Mill Energy in a transaction valued at US$5 billion, consisting of US$3.25 billion of cash and US$1.75 billion of stock to the sellers.
The transaction is subject to customary terms and conditions, including various purchase price adjustments, and is expected to close by the end of the 3Q24, with an effective date of June 1 2024.
“The acquisition of Grayson Mill is an excellent strategic fit for Devon that allows us to efficiently expand our oil production and operating scale while capturing a meaningful runway of highly economic drilling inventory,” stated Rick Muncrief, Devon’s president and CEO. “This transaction also creates immediate value within our financial framework by delivering sustainable accretion to earnings and free cash flow that will result in higher distributions to shareholders over time.”
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/10072024/state-36-2r-well-production-test-commenced/
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