Devon Energy Acquires Grayson Mill Energy for $5 Billion in Williston Basin
- Devon Energy Corp. finalized its acquisition of Grayson Mill Energy for $5 billion on September 27, 2024.
- The acquisition adds 307,000 net acres and 500 undrilled gross locations in the Williston Basin, enhancing Devon's production capabilities.
- This strategic move positions Devon as a leading producer in the U.S. oil and gas sector, with plans for future updates on production and capital outlook.
On September 27, 2024, Devon Energy Corp. announced the completion of its acquisition of Grayson Mill Energy, valued at $5 billion. This strategic move significantly enhances Devon's operations in the Williston Basin, adding 307,000 net acres and 500 undrilled gross locations to its portfolio. The acquisition is expected to improve Devon's production capabilities and operational scale, aligning with the company's goal of maintaining a disciplined cash-return business model. Rick Muncrief, the president and CEO of Devon, expressed enthusiasm about the acquisition, highlighting the hard work of the teams involved and the potential for successful integration. The company plans to provide updates on its production and capital outlook in its third-quarter earnings report scheduled for November 5, 2024. This acquisition positions Devon as one of the largest producers in the U.S. oil and gas sector, reinforcing its commitment to safe and sustainable operations while generating free cash flow and returning capital to shareholders.