Devon Energy's Losses in Recent US Oil and Gas Mega Deal Bids Revealed

Thursday, 6 June 2024, 10:05

Devon Energy, a U.S. oil and gas producer, has failed to acquire several peers in the past year due to perceived weaknesses in its shares as acquisition currency. The company lost out on significant deals, including a $22 billion bid against ConocoPhillips, a $12 billion bid against Occidental Petroleum, and an unsuccessful attempt to court Enerplus. Despite turning to dealmaking for growth, Devon has struggled to compete effectively in the sector's active dealmaking environment.

https://store.livarava.com/34b6503d-2473-11ef-a411-9d5fa15a64d8.jpg — Devon Energy's Losses in Recent US Oil and Gas Mega Deal Bids Revealed

Devon Energy's Missed Opportunities

U.S. oil and gas producer Devon Energy faced setbacks in acquiring key peers due to share valuation issues.

Lost Mega Deals

Devon lost $22 billion bid against ConocoPhillips
Failed $12 billion bid against Occidental Petroleum
Unsuccessful courtship of Enerplus in a $3.8 billion sale to Chord Energy

Like its competitors, Devon turns to dealmaking to increase scale amidst growing competition.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.