Devon Energy Completes Acquisition of Williston Basin Bolt-On
July 21 2022 - 4:15PM
Devon Energy Corp. (NYSE: DVN) today announced that it has
completed its previously announced acquisition of the leasehold
interest and related assets of RimRock Oil and Gas, LP in the
Williston Basin for a total cash consideration of $865 million,
less purchase price adjustments.
This acquisition adds a contiguous position of 38,000 net acres
(88% working interest) directly offsetting and overlapping Devon’s
existing position. Production from the acquired assets is expected
to increase to an average of 20,000 Boe per day over the next year.
The transaction also adds more than 100 highly economic undrilled
inventory locations, positioning the company’s Williston Basin
assets to maintain high-margin production and strong cash flow for
several years.
ABOUT DEVON ENERGY
Devon Energy is a leading oil and gas producer in the U.S. with
a premier multi-basin portfolio headlined by a world-class acreage
position in the Delaware Basin. Devon’s disciplined cash-return
business model is designed to achieve strong returns, generate free
cash flow and return capital to shareholders, while focusing on
safe and sustainable operations. For more information, please visit
www.devonenergy.com.
Investor Contacts |
Media Contact |
Scott Coody, 405-552-4735 |
Lisa Adams, 405-228-1732 |
Chris Carr, 405-228-2496 |
|
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within
the meaning of the federal securities laws. Such statements are
subject to a number of assumptions, risks and uncertainties, many
of which are beyond the control of the company. These risks
include, but are not limited to: the risk that the acquired assets
do not perform consistent with our expectations, including with
respect to future production or drilling inventory; and the other
risks identified in the Company’s 2021 Annual Report on Form 10-K
and its other filings with the Securities and Exchange Commission
(SEC). Investors are cautioned that any such statements are not
guarantees of future performance and that actual results or
developments may differ materially from those projected in the
forward-looking statements. The forward-looking statements in this
press release are made as of the date hereof, and the company does
not undertake any obligation to update the forward-looking
statements as a result of new information, future events or
otherwise.
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