Devon Energy (DVN) has released an update.
Devon Energy is set to acquire Grayson Mill Energy’s Williston Basin business for $5 billion, bolstering its position as a leading oil producer in the U.S. with an average oil production of 375,000 barrels per day. This strategic move is expected to enhance Devon’s financial metrics, including earnings and cash flow, and is complemented by a 67% increase in share repurchase authorization to $5 billion. The deal, promising operational efficiencies and a stronger financial outlook, is anticipated to close by the end of Q3 2024.
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