Devon acquires core Eagle Ford assets with US$6 billion acquisition from GeoSouthern Energy
Devon has made a bold move in buying a sizeable position in the core of the Eagle Ford from Blackstone-backed GeoSouthern Resources, for a cash consideration of US$6 billion. Globally, this is the largest deal of 2013, and it is the biggest ever deal involving only US tight oil assets, surpassing Statoil's US$4.7 billion acquisition of Bakken-focused Brigham Exploration in 2011. Devon will acquire 53,000 boe/d (76% liquids) and 82,000 net acres located in DeWitt and Lavaca counties. ...