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Devon Energy acquires STACK and Powder River Basin assets for US$2.5 billion

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11 December 2015

Devon Energy acquires STACK and Powder River Basin assets for US$2.5 billion

Report summary

Devon will acquire 80,000 net surface acres in the STACK tight-oil play of the Anadarko Basin from Felix Energy for US$1.9 billion, and 253,000 net acres in the Powder River Basin (PRB) from an undisclosed seller for US$600 million. Our valuation, which ignores exploration upside outside of the core commercial zones, suggests Devon paid a net 5% premium across the two deals.

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
    • Devon Energy
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 15 images and tables including:

  • Executive summary: Table 1
  • Executive summary: Table 2
  • Devon will expand its STACK footprint further north into the updip portion of the Meramec
  • Devon Energy expands its footprint south in the Powder River Basin
  • Upstream assets: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Deal analysis: Table 4
  • Deal analysis: Table 5
  • Deal analysis: Table 6
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Benchmarking: WM new project returns vs. capital expenditures for Focused US peer group
  • WM net-debt outlook for Devon under various scenarios

What's included

This report contains:

  • Document

    Devon Energy acquires STACK and Powder River Basin assets for US$2.5 billion

    PDF 657.50 KB

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