Devon Energy Receives $8 Billion Offer for Marcellus Shale Assets

Devon Energy Corporation (NYSE:DVN) is included among the 14 Best Oil and Gas Stocks to Buy According to Hedge Funds.

Devon Energy Receives $8 Billion Offer for Marcellus Shale Assets

Devon Energy Corporation (NYSE:DVN) is a leading US oil and gas producer with a premier multi-basin portfolio touching the Anadarko Basin, Eagle Ford, Marcellus Shale, Powder River Basin, Williston Basin, and anchored by a world-class acreage position in the Delaware Basin.

A Reuters report revealed on May 30 that Devon Energy Corporation (NYSE:DVN) has received a nearly $8 billion offer from money manager Stone Ridge Asset ‌Management for its Marcellus shale assets in Pennsylvania. However, the report clarified that the energy firm has not yet made any decisions on the future of the natural gas-focused position, which previously belonged to Coterra. Moreover, there is no guarantee that the aforementioned offer would lead to a sale.

Devon Energy Corporation (NYSE:DVN) completed its $58 billion merger with Coterra Energy earlier this month. The combined company is one of the largest independent oil and gas producers in the country, with a strong presence in the Permian basin in Texas and New Mexico.

Devon Energy Corporation (NYSE:DVN) still remains focused on expansion. The company emerged as the biggest buyer in the sale of oil and ​gas drilling rights on federal lands in New Mexico and ‌Texas held by the federal government on May 20. According to a Reuters report, Devon accounted for $2.5 billion out of the record $4 billion sale.

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