Devon Energy Completes Strategic Acquisition in the Williston Basin

Globe Newswire 27-Sep-2024 4:05 PM

OKLAHOMA CITY, Sept. 27, 2024 (GLOBE NEWSWIRE) -- Devon Energy Corp. (NYSE:DVN) today 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 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. For more information, please visit www.devonenergy.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the federal securities laws. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. These risks include, but are not limited to: the risk that the acquired assets do not perform consistent with our expectations, including with respect to future production or drilling inventory; and the other risks identified in the Company's 2023 Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission (SEC). Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The forward-looking statements in this press release are made as of the date hereof, and the company does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise.

CAUTIONARY NOTE ON RESERVES AND RESOURCE ESTIMATES

The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. Any reserve estimates provided in this press release that are not specifically designated as being estimates of proved reserves may include estimated reserves or locations not necessarily calculated in accordance with, or contemplated by, the SEC's latest reserve reporting guidelines. You are urged to consider closely the oil and gas disclosures in the Company's 2023 Annual Report on Form 10-K and our other reports and filings with the SEC.