Devon Energy and WPX Energy Complete Merger
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Devon Energy and WPX Energy has successfully completed an all-stock merger of equals, creating a leading energy producer in the U.S., with an asset base underpinned by a premium acreage position in the economic core of the Delaware Basin. The combined company will operate under the name Devon Energy and be headquartered in Oklahoma City.
“This transformational merger enhances the scale of our operations, builds a dominant position in the Delaware Basin and accelerates our cash-return business model that prioritizes free cash flow generation and the return of capital to shareholders,” said Dave Hager, executive chairman.
“We are excited to combine our teams and we look forward to executing on our disciplined strategy to create value for all of our stakeholders,” added Hager.
“I want to thank employees for their determined work to complete a transaction of this size and scale in basically just three months. This paves the way for our integration to pick up even more steam and establishes Devon as one of the strongest energy producers in the U.S.,” said Rick Muncrief, president and CEO.
“The combined company’s advantaged assets, operating capabilities, balance sheet, and our resolve to pursue efficient, innovative ways of doing business positions Devon to deliver differentiated financial and operational results for many years to come,” added Muncrief.
The company’s combined new board of directors consists of 12 members: David A. Hager, executive chairman of the board, Barbara M. Baumann, John E. Bethancourt, Ann G. Fox, Kelt Kindick, John Krenicki Jr., Karl F. Kurz, Robert A. Mosbacher Jr., Richard E. Muncrief, D. Martin Phillips, Duane C. Radtke, Valerie M. Williams.
About Devon Energy
Devon Energy is a leading oil and gas producer in the U.S. with a premier multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations.
To stop by Devon Energy’s website, CLICK HERE
About WPX Energy
WPX is an independent energy producer with core positions in the Permian and Williston basins. WPX’s production is approximately 80 percent oil/liquids and 20 percent natural gas. The company also has an infrastructure portfolio in the Permian Basin.
To stop by WPX’s website, CLICK HERE
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