Devon Energy Acquires Grayson Mill's Williston Basin Assets for $5 Billion

The deal, comprising cash and stock, expands Devon's footprint and operational efficiency in the oil-rich region.

The acquisition includes 307,000 net acres and 500 drilling locations in the Williston Basin.
Devon Energy expects production from the new assets to reach 100,000 barrels of oil equivalent per day in 2025.
The deal is anticipated to close by the end of the third quarter of 2024, with an effective date of June 1, 2024.
Devon plans to increase its share repurchase authorization by 67% to $5 billion through mid-2026.
The transaction is expected to enhance Devon's earnings, cash flow, and dividend payouts starting in 2025.