Devon Energy (DVN) Announces $2.5B Acquisition of Certain Assets
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December 8, 2015 8:31 AM EST
UBS reiterated a Sell rating on Devon Energy (NYSE: DVN), and cut the price target to $37.00 (from $40.00), despite the company's announced agreement to acquire 80k net acres in the STACK play from privately held Felix Energy for $1.9bn. DVN expects to spend ~$500MM in 2016 on its STACK position with a 10-rig program focused in the volatile oil window. As such,... More
December 7, 2015 2:35 PM EST
Standard & Poor's Ratings Services said it revised its outlook on Devon Energy (NYSE: DVN) to negative from stable and affirmed all of its ratings on the company, including the 'BBB+' corporate credit rating.
The outlook revision reflects expected deterioration in Devon's credit-protection measures in 2016 due to low oil and gas prices, rolling off of the company's hedges, and use of debt and hybrid securities to fund a portion of the $3.45 billion acquisitions. Devon announced plans to acquire privately held Felix, which holds oil-rich properties in the "STACK" play in Oklahoma, for... More
December 3, 2015 8:06 AM EST
Devon Energy (NYSE: DVN) is said to be in talks to acquire Felix Energy, according to Reuters. The deal could be valued around $2 billion, inclusive of debt.
Shares of Devon are flat in early trading Thursday.
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