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Reuters is reporting that Devon is in talks to acquire WPX Energy. This deal would see Devon's leverage go from 0.8x to 1.7x based on TTM (Trailing Twelve Month) Net Debt/ EBITDA The transaction would also pivot the company into the top 5 shale oil players.
There isn't much overlap in acreage between the two company's Delaware Basin Permian land positons.
This deal would also see Devon expanding into another basin, (Bakken) as if the company is not already spread across enough basins (Delaware, Powder River, Anadarko Basin) currently.
Combined/ Proforma
- Net Debt : $6.2 billion
- Production Equivalent : 532 Mboe/d
- Production OIl : 276.7 Mbl/d
- Leverage : Net Debt/ EBITDA (TTM) : 1.7x
- Rig Count (9/11/2020) = 14
- Basins : Bakken, Delaware Permian, STACK, Powder River Basin
Permian Map.
Leverage.
U.S. Oil Production (public Upstream)
Devon's portfolio.
- Powder River Basin
- Anadarko Basin (STACK)
- Eagle Ford
- Delaware Basin
As of Q2
Net Debt : $3.0 billion.
Reseves (YE-2019) :
Production (2Q20) : 325 Mboe/d
WPX Portfolio.
- Williston Basin
- Permian Basin/ Delaware
Production : 207 Mboe/d (59% oil)
Net Debt (as of 2Q) : $3.2 billion
Recent Deals/Transactions
| Date Annouced | Category | Headline | Buyer(s) | Seller(s) | Value ($mm) |
|---|---|---|---|---|---|
| 07/10/2025 | E&P | Mach Resources Buys San Juan Gas Asset for $787 Million |
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| 07/10/2025 | E&P | Mach Enters Permian Basin, Buys PE_backed Sabinal Assets for $500 Million |
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| 06/05/2025 | E&P | Vermillion Energy Exits US, Sells Power River Basin Asset |
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| 05/30/2025 | E&P | EOG Acquires Utica Liquids Focus Encino For $5.6 Billion |
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| 05/13/2025 | E&P | TXO Partners Acquires White Rock Assets in the Elm Coulee Field |
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| 05/07/2025 | E&P | Permian Resources Bolt-On Assets From APA Corp |
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| 05/03/2025 | E&P | Riley Permian Acquires PE-Backed Silverback II For $142million |
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| 04/22/2025 | E&P | EQT Acquires Olympus Energy Assets For $1.8 Billion |
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| 04/01/2025 | E&P | TG Natural Resources Acquires Interest in Chevron’s Haynesville Asset |
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| 03/24/2025 | E&P | Validus Energy Continues Buying Spree, Takes Out Anadarko Basin-Focused 89 Energy III |
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| Total |
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