Devon Energy and WPX Energy to Combine in Merger
28 Sep 2020
Oklahoma City-based Devon Energy announced they have entered into an agreement to combine with Tulsa-based WPX Energy in an all-stock merger of equals transaction. The strategic combination will create a leading unconventional oil producer in the U.S., with an asset base underpinned by a premium acreage position in the economic core of the Delaware Basin. The combined company, which will be named Devon Energy, will benefit from enhanced scale, improved margins, higher free cash flow and the financial strength to accelerate the return of cash to shareholders through an industry-first “fixed plus variable” dividend strategy.