Devon and Matador Expand in Permian Through Record US Lease Sale

Devon Energy Corp. and Matador Resources Co.acquired shale-drilling rights on the New Mexico side of the Permian Basin in a record-setting lease sale by the US government.

Devon paid a record $2.6 billion for rights to about 16,000 net acres in Lea and Eddy counties in the Delaware Basin, which is a sub-basin of the Permian, according to a statement Thursday. Matador said it paid $1.1 billion for access to 5,154 net undeveloped acres.

The Trump administration has pursued the sale of federal rights to oil and gas fields as part of its energy dominance agenda. On Wednesday, the ...