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Reuters is reporting that Devon is in talks to acquire WPX Energy. This deal would see Devon's leverage go from 0.8x to 1.7x based on TTM (Trailing Twelve Month) Net Debt/ EBITDA The transaction would also pivot the company into the top 5 shale oil players.
There isn't much overlap in acreage between the two company's Delaware Basin Permian land positons.
This deal would also see Devon expanding into another basin, (Bakken) as if the company is not already spread across enough basins (Delaware, Powder River, Anadarko Basin) currently.
Combined/ Proforma
- Net Debt : $6.2 billion
- Production Equivalent : 532 Mboe/d
- Production OIl : 276.7 Mbl/d
- Leverage : Net Debt/ EBITDA (TTM) : 1.7x
- Rig Count (9/11/2020) = 14
- Basins : Bakken, Delaware Permian, STACK, Powder River Basin
Permian Map.
Leverage.
U.S. Oil Production (public Upstream)
Devon's portfolio.
- Powder River Basin
- Anadarko Basin (STACK)
- Eagle Ford
- Delaware Basin
As of Q2
Net Debt : $3.0 billion.
Reseves (YE-2019) :
Production (2Q20) : 325 Mboe/d
WPX Portfolio.
- Williston Basin
- Permian Basin/ Delaware
Production : 207 Mboe/d (59% oil)
Net Debt (as of 2Q) : $3.2 billion
Recent Deals/Transactions
| Date Annouced | Category | Headline | Buyer(s) | Seller(s) | Value ($mm) |
|---|---|---|---|---|---|
| 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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