Lower 48 giant Devon Energy Corp. is becoming even larger after agreeing to buy Eagle Ford Shale pure-play Validus Energy for $1.8 billion. The transaction, set for completion by the end of September, would add 42,000 net acres that are adjacent to Devon’s existing leasehold in South Texas. Validus today is producing 35,000 boe/d, 70%…
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Chesapeake Recommits to Natural Gas as Portfolio, Production Set to Balloon
Chesapeake Energy Corp. on Wednesday strengthened its commitment to boost natural gas output, announcing an acquisition to bolt on acreage in the Haynesville Shale and laying out early plans to focus heavily on the play and other gas-rich assets in the Appalachian Basin next year. The company’s plan to acquire Vine Energy Inc. for $2.2…
ConocoPhillips Touts Greater Savings in Concho Acquisition, Reduces Cost and Capital Guidance
ConocoPhillips raised expected savings on its 2021 acquisition of Concho Resources Inc. to $1 billion and lifted its planned share buybacks by the same amount, a show of confidence in the deal and the company’s outlook as it emerges from the pandemic. The upbeat tone emerged during a market update Wednesday, during which executives emphasized…
FTC Approves Chevron’s Acquisition of Unocal
The Federal Trade Commission (FTC) on Friday approved Chevron Corp.’s acqusition of Unocal Corp. after a long-running FTC complaint against Unocal was resolved. Chevron announced in April it would buy Unocal for $16 billion in a cash and stock deal, plus assume nearly $2 billion in debt (see Daily GPI, April 5).