Devon - Grayson Mill -- September 29, 2024

Locator: 48435B.

Devon closed on its Grayson Mill deal on Friday, September 27, 2024.  

The announcement last July, 2024.

From the blog: last July, 2024.

How the complexion of the Bakken changes with the Devon - Grayson Mill deal. Link here.

The agreement with Grayson Mill adds 307,000 net acres and 100 Mboe/d of production (55% oil) to Devon in North Dakota and Montana. The package includes 500 gross locations and 300 refrac candidates, plus ownership in 950 miles of gathering lines for gas, water and crude.

The deal by DVN is the latest in a consolidation wave that will winnow the Bakken oil patch down to only eight main operators by the end of 2024. These eight producers will account for 80% of the basin’s 1.3 MMb/d of crude oil production.

A year ago, 11 companies produced at least 50 Mb/d of oil in the Bakken, of which only seven were public. By YE24, these 11 companies will consolidate into eight; one merger has closed and three are pending. Currently, there are only six public companies out of 130 producers in the play.

Nothing new here, just clearing off the desktop.