OKLAHOMA CITY (dpa-AFX) - Oil and gas producer Devon Energy (DVN) announced
Monday it has entered into a definitive purchase agreement to acquire the
Williston Basin business of Grayson Mill Energy in a transaction valued at $5
billion, consisting of $3.25 billion of cash and $1.75 billion of stock to the
sellers.

The transaction is subject to customary terms and conditions, including various
purchase price adjustments, and is expected to close by the end of the third
quarter of 2024, with an effective date of June 1, 2024.

Devon will fund the $5 billion acquisition with $3.25 billion of cash and issue
37 million shares of common stock valued at $1.75 billion. The company plans to
finance the cash portion of the purchase price through a combination of cash on
hand and debt.

The transaction is immediately accretive to Devon's key per-share financial
measures, including earnings, cash flow, free cash flow and net asset value. The
company also expects this acquisition to be accretive to the company's dividend
payout in 2025 and beyond.



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