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Devon Energy buys $5 billion of oil wells, land and other assets from Houston-based company

Jun. 1973: Oil wells near Teapot Dome, Wyoming.
Boyd Norton / Documerica
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Unsplash
Jun. 1973: Oil wells near Teapot Dome, Wyoming.

Devon Energy is Oklahoma’s second-biggest oil and gas company, and it just got even bigger.

This week, Devon announced it acquired $5 billion worth of assets from Houston-based Grayson Mill Energy, which is owned by private equity firm EnCap.

The sale includes about 500 oil wells on 307,000 acres of land — a swath about 16 times the size of Stillwater. It’s on the Williston Oil Basin, which covers parts of the Dakotas, Montana and southern Canada. Devon paid for that land and other assets using about $3 billion in cash and $2 billion in stocks.

Devon says the acquisition will bring total energy production up to 765,000 barrel-equivalents per day, meaning the company will be producing as much energy as you’d get from that many barrels of oil.

The acquisition builds on existing momentum — Devon jumped 93 spots on the Fortune 500 list in 2023. That makes it the 216th biggest publicly traded company in the U.S. and the second largest in Oklahoma, after ONEOK Energy.


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Graycen Wheeler is a reporter covering water issues at KOSU as a corps member with Report for America.
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