Devon Energy Corp. has completed its all-stock merger of Lower 48 rival WPX Energy Inc., giving the independent an even bigger toehold in the Permian Basin’s Delaware formation.

Devon and WPX acreage

The combined company, operating under the Devon moniker, would continue to be headquartered in Oklahoma City. The takeover of WPX was announced in September. 

The transaction gives Devon shareholders 57% of the combined company, with WPX holding the remaining 43% stake.

“This transformational merger enhances the scale of our operations, builds a dominant position in the Delaware Basin and accelerates our cash-return business model that prioritizes free cash flow generation and the return of capital to shareholders,” said Executive Chairman Dave Hager. “We are excited to combine our teams and...