Devon Energy Corp. announced that it has completed its previously announced acquisition of Grayson Mill Energy, for a transaction valued at $5 billion before giving effect to purchase price adjustments.

The acquisition adds a high-margin production mix that enhances Devon’s position as one of the largest producers in the U.S. The transaction transforms the company’s Williston Basin business, with the addition of 307,000 net acres, 500 undrilled gross locations and 300 high-quality refrac candidates.

“We are excited to announce the completion of our acquisition of Grayson Mill Energy. This strategic transaction is an excellent fit for Devon, enabling us to efficiently expand our operating scale and production,” said Rick Muncrief, president and CEO. “I would like to thank the teams working together for their hard work and look forward to the successful integration.”

Devon intends to provide incremental updates to its 2024 production and capital outlook with its third-quarter earnings materials on Nov. 5, 2024.

About Devon Energy

Devon Energy (NYSE: DVN) is a leading oil and gas producer in the U.S. with a premier multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations.