Devon Energy Corporation
Devon Energy Acquires 16,300 Acres in Delaware Basin for $2.6 Billion
Summary
Devon Energy Corporation has completed the acquisition of 16,300 net undeveloped acres in the Delaware Basin in Lea and Eddy Counties, New Mexico, for approximately $2.6 billion, or about $161,500 per net acre. The acquisition, which was funded with cash on hand, is expected to extend inventory life and be accretive to net asset value per share. The acquired acreage includes an 87.5% net revenue interest with 10-year terms, providing favorable terms compared to state and fee leases in the region. Devon Energy's existing infrastructure and cost structure in the Delaware Basin position the company to leverage the new assets effectively.
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About Devon Energy Corporation
Devon Energy Corporation is a prominent player in the energy sector, specializing in the exploration, development, and production of oil and natural gas. With its corporate headquarters located in Oklahoma City, Oklahoma, Devon Energy operates principally across the United States. Its portfolio encompasses some of the most resource-rich areas, such as the Delaware Basin within the greater Permian Basin, Eagle Ford, Anadarko Basin, Powder River Basin, and the Williston Basin. The company's primary function is to harness and maximize value from its substantial onshore oil and gas reserves, making substantial contributions to the energy supply chain. Devon Energy is noted for its strategic focus on efficient and sustainable practices in hydrocarbon extraction and production. It plays a critical role in the U.S. energy landscape, providing resources essential for various sectors including transportation, manufacturing, and residential energy needs. Through innovative drilling and operating techniques, Devon Energy pursues operational excellence while remaining committed to reducing its environmental footprint and enhancing the safety of its operations.
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