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Devon Wraps Up Purchase of $6.0B in Eagle Ford Assets
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Devon Energy Corporation has completed its previously announced acquisition of Eagle Ford assets from GeoSouthern Energy.
Click here to access more information on the deal via Shale Experts A&D Database.
Devon has acquired 82,000 net acres located in DeWitt and Lavaca counties in Texas. This world-class light-oil position is delivering outstanding well results offering some of the highest rate-of-return drilling opportunities in North America.
John Richels, president and chief executive officer, commented: "Our Eagle Ford acquisition is one of several bold steps we have recently taken to upgrade our portfolio and improve the growth trajectory and profitability of our business. We were able to acquire these premier Eagle Ford assets at a price well below our current EBITDA multiple, resulting in immediate accretion to Devon shareholders on virtually every metric, including cash flow per debt-adjusted share."
Devon plans to invest approximately $1.1 billion in the Eagle Ford this year and will drill more than 200 wells. For its 10 months of ownership in the play this year, the company’s net production is expected to average between 70,000 and 80,000 barrels of oil equivalent per day. With the majority of Devon’s Eagle Ford acreage derisked, this opportunity provides low-risk, repeatable oil growth for years to come.
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