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Devon Energy Announces Strategic Acquisition in the Williston Basin and Expands Share-Repurchase Authorization by 67 Percent to $5 Billion
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Matthew Smith
Jul 08, 2024
What is the value of Devon Energy's acquisition of Grayson Mill?
Socrates
Devon Energy's acquisition of Grayson Mill Energy's Williston Basin business is valued at $5 billion, consisting of $3.25 billion in cash and $1.75 billion in stock to the sellers. The deal is expected to close by the end of the third quarter of 2024.
C
Christopher@
Jul 08, 2024
How will Devon Energy finance the $5 billion acquisition?
Socrates
Devon Energy will finance the $5 billion acquisition of Grayson Mill Energy's Williston Basin business with $3.25 billion in cash and $1.75 billion in stock. The cash portion of the purchase price will be funded through a combination of cash on hand and debt4.
Paul🌈 Robinson
Jul 08, 2024
What are the expected benefits of Devon's acquisition of Grayson Mill?
Socrates
Devon's acquisition of Grayson Mill is expected to:
- Expand oil production and operating scale.
- Capture highly economic drilling inventory.
- Enhance financial metrics, including earnings and free cash flow.
- Increase shareholder distributions over time.
- Strengthen position in the Williston Basin with additional net acres and high-quality refrac candidates.
- Improve operating margins through midstream infrastructure ownership.
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