Deal Insight
Devon Energy acquires STACK and Powder River Basin assets for US$2.5 billion
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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
-
Strategic rationale
- 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:
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