Devon Energy Corp has said it will buy a number of assets in the Anadarko Basin from Felix Energy in a $1.9billion deal.
The move will see Devon acquire around 80,000 net acres with up to 10 prospective in the region, which covers both Oklahoma and Texas.
Devon has also agreed to acquire an estimated 253,000 acres in the Powder River Basin for $600million.
Chief executive Dave Hager, said: “Devon has made several bold moves over the past few years transforming the company into a leading North American onshore producer with a portfolio that provides an advantaged platform to generate long-term value growth for shareholders.
“These acquisitions materially core up our position in two of the best emerging North America development oil plays and further upgrade our asset portfolio.
“The success we have had growing our asset base has generated an abundance of opportunities within our portfolio.
“In an effort to focus exclusively on our very best resource plays, strengthen our already solid financial position and drive investor value, we are also announcing our intent to divest non-core assets. This will sharpen our focus on what we believe to be the best oil and gas assets in North America.”
