Deals - Acquisition, Mergers, Divestitures
Devon to Receive Less for Barnett Assets; Close Date Extended to Year-End 2020
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Devon Energy Corp. and Banpu Kalnin Ventures announced an amendment to the existing terms of their Barnett Shale deal.
This is not a surprising considering other deals have been either restructured or fell apart completely.
As you might remember, the original deal was $770 million in cash with a close date of 2Q 2020. The new deal now calls for $570 million in cash plus contingent payments based on future prices. The close date was also extended to December 2020.
One can see why Devon might try to spin this as good news, but we don't think that is the case.
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| Total |
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