Devon Business Practices

[PhiAlpha]

what they will officially be devon employees before the deal closes??

That’s what my friend who works there was told this morning.

[BoulderSooner]

That’s what my friend who works there was told this morning.

cool thanks ..

[DowntownMan]

Yeah they are moving very quickly. All personnel decisions will likely be made by the end of the week if not the end of the day. All remaining WPX employees will officially be employees of Devon at the close of business today.

Not true. They are separate companies until the deal closes. Things fall thru

Think of it as buying a house. It’s not yours until closing day.

[PhiAlpha]

cool thanks ..

Nm, my friend was told incorrectly. That makes more sense.

[gopokes88]

Nm, my friend was told incorrectly. That makes more sense.

I've heard they are going to be quick about who is staying and who will be let go once the deal closes. Employees that are slated to be laid off will be given large severances to stock around for a few months.

[thunderbird]

I've heard they are going to be quick about who is staying and who will be let go once the deal closes. Employees that are slated to be laid off will be given large severances to stock around for a few months.

It’s a change of control for the WPX folk, they should all get good packages.

[soonerguru]

Seventeen years ago, when I started dating my wife, my now father-in-law and I discussed stock investment. He said Okie investors were easily lured by dividends. Since then, I've observed that our mostly energy local companies tout dividends in their public communications. Today's story about Devon's dividend per share payout (26 cents a share. WOO!) took me back, and made me chuckle.

[gopokes88]

250 being let go. 150 moving from Tulsa to okc.

https://tulsaworld.com/business/loca...8b7886393.html

[Plutonic Panda]

This looks good for Devon: https://s2.q4cdn.com/462548525/files...gs-Release.pdf

[Laramie]

Devon Energy acquires Validus Energy - https://energynews.pro/en/devon-ener...alidus-energy/

[April in the Plaza]

Apparently Devon Energy is taking a hard look at an acquisition of Marathon Oil Corporation.

That would make Devon a roughly $50 Billion energy company.

[BoulderSooner]

Apparently Devon Energy is taking a hard look at an acquisition of Marathon Oil Corporation.

That would make Devon a roughly $50 Billion energy company.

yep also looking hard at anther privately held company ... don't remember the name

[chssooner]

yep also looking hard at anther privately held company ... don't remember the name

From what I've heard, it's an either/or situation with Marathon and CrownRock.

[BoulderSooner]

From what I've heard, it's an either/or situation with Marathon and CrownRock.

crown rock thats right .. Marathon would be awesome and would for sure bring more jobs to OKC

[chssooner]

crown rock thats right .. Marathon would be awesome and would for sure bring more jobs to OKC

And would likely give OKC the largest company in the state, in terms of revenues. Williams or OneOk have that title now.

[PhiAlpha]

Anything Devon can do to prevent avoid being acquired by a major is great. I've also heard ConocoPhillips has looked at acquiring them on and off from some employees there. None of them had any direct knowledge any discussions like that so it may have just been nervous speculation. Them remaining an acquirer is absolutely a best case scenario for the city.

I've also heard that Continental may be targeting Ovintiv's (Formerly Encana and Newfield) OK assets (and they previously went private which was a good move for their own stability). It's great news to hear that seemingly all of our large companies are looking to grow and not sell out.

https://www.bloomberg.com/news/artic...-checkout=true

[Rover]

From what I've heard, it's an either/or situation with Marathon and CrownRock.

Did some consulting work for Marathon a few years ago. I know it’s a small sample size and a few years back, but they seemed like a very well run company. From an asset position, seems likely a good addition.

[chssooner]

100%. If Devon can acquire them, it would be huge for OKC.

[Pete]

Shale producer Devon Energy in bid to acquire Enerplus
February 8, 20247:52 AM Reuters

U.S. oil and gas producer Devon Energy has approached Enerplus, a peer with a market value of C$3.9 billion ($2.9 billion), with an acquisition offer, people familiar with the matter said on Thursday.

Such a combination would continue the dealmaking spree seen in the North American oil patch in recent months, which has included many of Devon’s rivals — including Exxon Mobil, Chevron and Occidental Petroleum — making significant acquisitions.

Devon declined comment. Enerplus did not immediately respond to a request for a comment.

The hunt for better reserves and economies of scale has fueled consolidation in the U.S. oil and gas sector over the course of the past year. Exxon agreed to pay $59.5 billion for Pioneer Natural Resources and $4.9 billion for Denbury. Chevron inked a $53 billion deal for Hess and bought PDC Energy for $6.2 billion. Occidental clinched a $12 billion deal for CrownRock.

There is no certainty that Devon and Enerplus will negotiate a deal, the sources said, requesting anonymity because the matter is confidential. Devon’s proposed acquisition terms could not be learned.

Enerplus operates mainly in the Bakken Basin in North Dakota, and also has a footprint in the Marcellus shale region in Pennsylvania. Were a deal to materialize, it would complement Devon’s existing presence in North Dakota and reduce its reliance on the Delaware Basin in Texas and New Mexico.

Headquartered in Calgary, Enerplus sold its Canadian assets to Journey Energy and Surge Energy in 2022 to focus on its more lucrative U.S. acreage.

The bet has paid off, generating strong cash flow and allowing Enerplus to return $307 million to shareholders in 2023. The company has said it expects to return approximately 70% of its free cash flow to shareholders through share buybacks and dividends in 2024.

Enerplus shares have underperformed many of those of its peers, however, as investors fret about the company spending more to generate the same levels of production. Its capital spending totaled $532 million in 2023, up from $432 million in 2022.

Enerplus shares have dropped 18% in the last 12 months, compared to a 6% drop in the S&P 500 Energy Index.

Devon’s shares have performed even worse, down 34% in the last 12 months. The Oklahoma City-based company, which has a market value of $26 billion, has also been grappling with high production costs and has struggled to meet its performance goals.29dk2902l

(Reporting by David French in New York; Editing by Mark Porter)

[OU Adonis]

Looks like as of right now Devon isn't buying ERF.

https://www.streetinsider.com/Corpor.../22812195.html

[DoctorTaco]

Devon invests in geothermal company:
https://fervoenergy.com/fervo-energy...on-geothermal/

[David]

Devon invests in geothermal company:
https://fervoenergy.com/fervo-energy...on-geothermal/

I had heard Devon was a previous investor in Fervo, them investing even further makes me happy. I am a big fan of what Fervo is doing and have high hopes for the future of that technology, and it would be pretty slick for Oklahoma City if Devon started to as well based on their investments in the space.

[PhiAlpha]

I had heard Devon was a previous investor in Fervo, them investing even further makes me happy. I am a big fan of what Fervo is doing and have high hopes for the future of that technology, and it would be pretty slick for Oklahoma City if Devon started to as well based on their investments in the space.

I have several friends there and have done some work for them. Solid group with a really cool plan that seems to be working.