Deal Insight

Devon sells east Texas and Granite Wash assets plus Midland Basin royalty interests for US$974 million



You can pay by card or invoice



You can pay by card or invoice

Get this Deal Insight as part of a subscription

Enquire about subscriptions

Already have a subscription? Sign In

Further information

Pay by Invoice or Credit Card FAQs

Contact us

Submit your details to receive further information about this report.

  • An error has occurred while getting captcha image
For details on how your data is used and stored, see our Privacy Notice.

Report summary

Devon Energy announced three independent divestitures aimed at sharpening the company's focus in higher quality assets resource plays. Devon has divested assets in East Texas, mainly in the Haynesville and Cotton Valley plays, for US$525 million with 22,000 boed net flowing production, along with Granite Wash assets in the Anadarko Basin for US$310 million with 14,000 boed net flowing production. In addition, the company sold an overriding royalty interest across 11,000 net acres in the Permian's northern Midland Basin for US$139 million. Selling these assets helps Devon simplify its portfolio, and reduce its leverage after spending US$2.5 billion (46% cash) on tight-oil acquisitions in December 2015. After selling its remaining marketed assets (i.e., Midland Basin properties and its 50% interest in the Access Pipeline in Canada), we believe Devon will raise an amount closer to the higher end of its targeted range of US$2-3 billion (including US$300 million raised already this year).

What's included

This report contains

  • Document

    Devon sells east Texas and Granite Wash assets plus Midland Basin royalty interests for US$974 million

    PDF 5.56 MB

Table of contents

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

Tables and charts

This report includes 13 images and tables including:


  • Executive summary: Table 1
  • Executive summary: Table 2
  • 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
  • Deal analysis: Table 7
  • Oil & gas pricing and assumptions: Table 1


  • Devon's Cotton Valley wells and select neighboring operators' positions
  • Devon's Granite Wash position against select neighboring operators' wells

Questions about this report?

  • Europe:
    +44 131 243 4699
  • Americas:
    +1 713 470 1900
  • Asia Pacific:
    +61 2 8224 8898