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Devon to Buy WPX After Permian Investors Push for More M&A (4)

Sept. 28, 2020, 4:20 PM

Devon Energy Corp. agreed to acquire WPX Energy Inc. in a $2.56 billion all-stock deal, creating one of the largest independent U.S. shale producers and answering investor calls for consolidation at a time of crisis for the sector.

The transaction, which includes a deal premium of about 2.6%, will see Devon shareholders own approximately 57 percent of the combined entity, the companies said Monday in a statement. Shares of Devon and WPX surged, indicating investor enthusiasm for the deal.

The plunge in oil prices this year, which has left much of the shale industry unprofitable, has added to the ...