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During Q3 2025, both Devon Energy (NYSE: DVN) and Permian Resources (NYSE: PR) deployed capital in the Delaware Basin, but their disclosures show very different ways of thinking about “doing deals.”
Devon approached the quarter as a selective inventory buyer and portfolio optimizer. In its Q3 filings and earnings materials, Devon disclosed Delaware Basin lease acquisitions totaling $168 million, which added approximately 60 net drilling locations. The company framed the transaction explicitly in $/location terms, signaling a focus on high-confidence, near-term inventory depth rather than acreage scale.
Permian Resources, by contrast, emphasized volume and repeatability. In its Q3 earnings release, PR disclosed that it completed ~250 bolt-on and grassroots transactions during the quarter, acquiring ~5,500 net leasehold acres and ~2,400 net royalty acres for $180 million. Rather than locations, PR framed the economics in $/acre terms, adjusted to remove the impact of ~800 Boe/d of acquired production, reinforcing its narrative as a continuous consolidator of core Delaware acreage and royalties.
In short:
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DVN is buying drillable inventory by the location
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PR is stacking acres and royalties through a scaled sourcing machine
Derived (simple math, based only on disclosed figures)
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DVN implied cost per location: ~$2.8MM ($168MM / 60 locations)
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PR per-acre math is intentionally “adjusted” by the company; unadjusted blending of leasehold + royalty would be misleading and is not how PR presents the deal.
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What stands out strategically
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DVN’s disclosure choice (locations > acres) suggests a bias toward near-term capital efficiency and inventory certainty.
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PR’s disclosure choice (acres + royalties, adjusted for production) highlights repeatability, scale, and long-run footprint optimization.
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Neither company did a transformational corporate acquisition in the quarter — both remained disciplined and basin-focused.
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Recent Deals/Transactions
| Date Annouced | Category | Headline | Buyer(s) | Seller(s) | Value ($mm) |
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| 02/26/2026 | E&P | Diversified Energy Extends East Texs Footprint in $245MM Sheridan Deal |
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| 02/18/2026 | E&P | SM Energy Sells Eagle Ford Asset for $950 Million |
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| 02/17/2026 | E&P | Ovintiv Sells Anadarko Assets for $3 Billion |
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| 02/02/2026 | E&P | Vista Energy Acquires Equinor Non-Working Interest In Vaca Muera |
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| 02/02/2026 | E&P | Devon Acquires Coterra Energy; Bulk Up on Permian, Adds Gas Bank |
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| 01/16/2026 | E&P | Mitsubishi’s Strategic Entry into U.S. Shale with Aethon’s Haynesville Platforms |
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| 12/22/2025 | E&P | Harbour Energy Enters GOM; Buys LLOG |
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| 12/18/2025 | E&P | JAPEX Secures First U.S. Operated Position in $1.26B DJ Basin Acquisition of Verdad Resources |
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| 12/08/2025 | E&P | Antero Resources Acquires HG Energy II for $3.9B |
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| 12/08/2025 | E&P | Infinity Natural and Northern Oil & Gas Acquire Antero's Ohio Utica for $1.2B |
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| Total |
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