Devon Energy to acquire Grayson Mill Energy’s Williston basin oil and gas assets for $5 billion
(Bloomberg) – Devon Energy Corp. agreed to acquire the Williston basin business of Grayson Mill Energy for $5 billion, the latest deal in the U.S. oil and gas industry.
Devon will disburse $3.25 billion in cash and $1.75 billion in stock, it said in a statement Monday. The company plans to finance the first portion with cash on hand and debt. The deal is expected to close by the end of the third quarter.
“The acquisition of Grayson Mill is an excellent strategic fit for Devon that allows us to efficiently expand our oil production and operating scale while capturing a meaningful runway of highly economic drilling inventory,” Chief Executive Officer Rick Muncrief said in the statement.
Oil and gas executives in the U.S. have been pushing to build out their portfolios with future drilling sites and shore up cash flows.
