Devon acquires core Eagle Ford assets with US$6 billion acquisition from GeoSouthern Energy Report

Deal Insight 26 November 2013

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Report summary

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. ...

Executive summary
Transaction details
Upstream assets
Deal analysis
- Modelling assumptions
Upsides & risks
- Downspacing
- Operational efficiency
- Liquids price
Strategic rationale
- Devon
- GeoSouthern
Oil & gas pricing and assumptions

Tables and charts

This report includes 12 images and tables including:

Executive summary: Table 1
Acquired assets and GeoSouthern and BHP Billiton-operated wells
Top 10 average IP rates by well operator: Karnes Trough (left), Edwards Condensate (right)

Upstream assets: Table 1
Oil & gas pricing and assumptions: Table 1
Oil & gas pricing and assumptions: Table 2
Deal analysis: Table 1
Deal analysis: Table 2
Deal analysis: Table 3
Lateral length versus drilling speed: wells since start-2012 in Karnes Trough and Edwards Condensate
Remaining value sensitivity to hydrocarbon price
Devon portfolio including Eagle Ford acquisition