The Americas: Devon Energy Moves into Deeper Water

By Platt, Gordon | Global Finance, April 2003 | Go to article overview

The Americas: Devon Energy Moves into Deeper Water


Platt, Gordon, Global Finance


CORPORATE FINANCING NEWS

MERGERS & ACQUISITIONS

Oklahoma City, Oklahoma-based Devon Energy agreed to merge with Ocean Energy of Houston,Texas, in a $5 billion stock-swap transaction.As a result, Devon Energy will become the largest US-based independent oil and natural gas producer.

Part of the rationale for the deal is that Devon's gas-focused North American assets will be complemented by Ocean's international and deepwater development and exploration projects.

With interests in 500 deepwater Gulf of Mexico blocks, Devon will be the largest independent deepwater Gulf leaseholder. It will also get Ocean's West African oil and gas activities, as well as its operations in Egypt, Russia, Brazil and Indonesia.

Analysts generally agreed that the merger is a good deal for Devon. "Without paying a significant premium, Devon will get a much-needed diversified portfolio of domestic and international assets with strong production growth over the next three to four years," says John Kartsonas, analyst at Standard & Poor's in New York. …

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