Devon Energy Corp.

NYSE:DVN   3:59:59 PM EDT
8.93
+0.48 (+5.62%)
4:42:11 PM EDT: $8.93 +0.01 (+0.06%)
Earnings Announcements, Mergers / Acquisitions

Devon Energy And Wpx Energy To Combine In Merger Of Equals

Published: 09/28/2020 11:21 GMT
Devon Energy Corp (DVN) - Devon Energy and Wpx Energy to Combine in Merger of Equals, Creating a Leading Energy Company Focused on Generating Free Cash Flow and Return of Capital to Shareholders.
Devon Energy - Wpx Shareholders Will Receive a Fixed Exchange Ratio of 0.5165 Shares of Devon Common Stock for Each Share of Wpx Common Stock Owned.
Devon Energy Corp - Deal for Enterprise Value for Combined Entity of Approximately $12 Billion.
Devon Energy Corp - Dave Hager to Serve As Executive Chairman of Board; Rick Muncrief to Serve As President and Ceo.
Devon Energy Corp - All-stock Transaction Accretive to Per-share Metrics in Year One and Maintains Financial Strength.
Devon Energy Corp - Upon Completion of Transaction, Devon Shareholders Will Own Approximately 57 Percent of Combined Company.
Devon Energy Corp - Wpx Shareholders Will Own Approximately 43 Percent of Combined Company.
Devon Energy - Funds Managed by Encap Investments Own About 27% of Wpx Shares & Entered Into Support Agreement to Vote in Favor of Transaction.
Devon Energy - Following Merger, Board of Directors Will Consist of 12 Members, 7 Directors From Co & 5 From Wpx Including Lead Independent Director.
Devon Energy Corp - Combined Co's Executive Team Will Include Jeff Ritenour As Executive Vice President and Cfo.
Devon Energy Corp - Combined Company Will Be Headquartered in Oklahoma City.
Revenue is expected to be $1.04 Billion
Adjusted EPS is expected to be $0.00

Next Quarter Revenue Guidance is expected to be $1.67 Billion
Next Quarter EPS Guidance is expected to be $0.08

More details on our Analysts Page.