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Devon, GeoSouthern Ink Eagle Ford Asset Deal Worth $6 Billion
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Devon Energy has struck a $6 billion-dollar deal for GeoSouthern's Eagle Ford assets.
This comes soon after the creation of a new midstream venture between Crosstex and Devon Energy, announced on October 21st.
According to Mark Hanson, an oil company analyst with Morningstar in Chicago, Devon has been criticized for a lack of exposure to some of the fastest growing shale plays like the Eagle Ford or Utica. The company has been shifting strategies in recent years in an effort to bolster its potential.
Deal summary
- Includes current production of 53,000 barrels of oil equivalent per day
- Risked resource of 400 million oil equivalent barrels
- $6 billion in cash
- 82,000 net acres
Access more information on the deal in Shale Experts' A&D Database.
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