Devon Energy and WPX Energy have agreed to an all-stock merger that will create a major unconventional oil producer in the United States, Devon Energy said Sept. 28 in a statement.
The new company, which will be named Devon Energy, will have an asset base underpinned by a premium acreage position in the economic core of the Delaware Basin.
Under the terms of the agreement, WPX shareholders will receive a fixed exchange ratio of 0.5165 shares of Devon common stock for each share of WPX common stock owned. The enterprise has been valued at $12 billion.
“This merger is a transformational event for Devon and WPX as we unite our complementary assets, operating capabilities and proven management teams to maximize our business in today’s environment, while positioning our combined company to create value for years to come,” said Dave Hager, president and CEO of Devon Energy. “Bringing together our asset bases will drive immediate synergies and enable the combin
