Deal Insight
Devon and WPX in US$12 billion tie-up
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
On 28 September 2020, Devon Energy and WPX Energy announced an all-stock merger. As part of the tie-up, WPX equity holders will receive 0.5165 shares of Devon for each share of WPX. The deal prices WPX at around US$5.6 billion, and the pro-forma entity will have an enterprise value of approximately US$12 billion. Devon and WPX shareholders will respectively own 57% and 43% of the new firm. This is the largest merger-of-equals type deal we have seen in the tight oil sector.
Table of contents
- Executive summary
- Transaction details
- Upstream assets
- Deal analysis
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Upsides and risks
- Upsides
- Risks
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Strategic rationale
- Devon drivers
- WPX drivers
- Pro-forma outlook
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
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Executive summary: Table 1Cumulative well performance in the Delaware BasinUpstream assets: Table 1
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Deal analysis: Table 1Deal analysis: Table 2Deal analysis: Table 3Oil & gas pricing and assumptions: Table 1Oil & gas pricing and assumptions: Table 2
What's included
This report contains:
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