Consideration for the transaction included $3.25 billion in cash and $1.75 billion in Devon equity. (Source: Shutterstock)
Devon Energy Corp. completed its $5 billion cash-and-stock acquisition of Grayson Mill Energy, the E&P announced on Sept. 27.
The acquisition transforms Devon’s Williston Basin business with the addition of more than 300,000 net acres, 500 undrilled gross locations and 300 refrac candidates, the company said in the press release.
“This strategic transaction is an excellent fit for Devon, enabling us to efficiently expand our operating scale and production," said Rick Muncrief, president and CEO.
Most of the new well locations are in the Bakken Shale and about 20% are in the Three Forks interval, the company had said back in July.
Consideration for the transaction included $3.25 billion in cash and $1.75 billion in Devon equity.
"I would like to thank the teams working together for their hard work and look forward to the successful integration,” Muncrief said.
RELATED
CEO: Devon Eyes 3-Mile Williston Wells With $5B Grayson Mill Deal
Recommended Reading
Digital Twins ‘Fad’ Takes on New Life as Tool to Advance Long-Term Goals
2025-02-13 - As top E&P players such as BP, Chevron and Shell adopt the use of digital twins, the technology has gone from what engineers thought of as a ‘fad’ to a useful tool to solve business problems and hit long-term goals.
Diamondback in Talks to Build Permian NatGas Power for Data Centers
2025-02-26 - With ample gas production and surface acreage, Diamondback Energy is working to lure power producers and data center builders into the Permian Basin.
SLB’s Big Boost from Digital Offsets Flat Trends in Oil, E&P
2025-01-20 - SLB’s digital revenue grew 20% in 2024 as customers continue to adopt the company's digital products, artificial intelligence and cloud computing.
Baker Hughes to Supply Multi-Fuel Gas Tech to TURBINE-X
2025-03-17 - Baker Hughes will provide TURBINE-X with its NovaLT gas turbine is capable of running on different fuels including natural gas, various blends of natural gas and hydrogen.
Kelvin.ai the 'R2-D2' Bridging the Gap Between Humans, Machines
2025-03-26 - Kelvin.ai offers an ‘R2-D2’ solution that bridges the gap between humans and machines, says the company’s founder and CEO Peter Harding.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.