market

Devon Energy, WPX Energy in merger talks – WSJ


Devon Energy (NYSE:DVN) is in talks to acquire WPX Energy (NYSE:WPX) in an all-stock deal that could be completed as soon as this week, WSJ reports.

The proposed merger would create an entity with a combined current market value of ~$6B; Devon itself was worth more than $50B at its peak value in 2008.

Both companies have substantial operations in the Delaware portion of the Permian Basin in west Texas and New Mexico.

Small and medium-sized oil and gas companies such as Devon and WPX have performed poorly in recent years and faced pressure from investors to deliver more consistent profits and cash flow.





READ SOURCE

Leave a Reply