Devon Energy To Buy Grayson Mill's Williston Assets For $5 Billion -- July 8, 2024

Locator: 48074B.

Link here. 

Devon said the deal, expected to close by the end of the third quarter, will add 307,000 net acres to the company’s position in the Williston Basin.

The energy producer expects its output to grow to 765,000 barrels of oil equivalent per day (boepd) from 664,000 boepd.

The acquisition helps extend Devon’s drilling inventory in the Williston Basin, Scott Hanold, analyst at RBC Capital Markets, said but added that the price seems a bit high.

 $5 billion / 307,000 acres = $16,000 (compare with $57,000 / acre in the Permian)

$5 billion / 101,000 boepd = $49,500 / boe/pd (compare with $75,000 / boepd in the Permian)

Devon is tracked here.

Grayson Mill acquired Equinor's assets in the Bakken, February 10, 2021.