Devon Energy Drills Down On Growth: $5B Deal Expands Williston Basin Presence
Devon Energy Drills Down On Growth: $5B Deal Expands Williston Basin Presence
Devon Energy Corporation (NYSE:DVN) shares are trading lower today. The company disclosed a definitive agreement to acquire Grayson Mill Energy's Williston Basin business for $5 billion.
Devon Energy Corporation（紐交所：DVN）的股票今天表現不佳。該公司透露，已簽署明確協議，以50億美元收購Grayson Mill Energy的威利斯頓盆地業務。
The acquisition price comprises $3.25 billion in cash and $1.75 billion in stock. The acquisition includes 500 gross locations and 300 high-quality refrac candidates, extending Devon's inventory life in the basin to up to 10 years with three operated rigs.
收購價格包括32.5億美元的現金和17.5億美元的股票。 收購事件包括500個毛井位和300個高質量的壓裂礦可以候選者，可將達文在盆地的儲量壽命延長到10年，而且操作工具有三個。
The deal, subject to customary conditions and price adjustments, is expected to close by the end of the third quarter of 2024 and become effective on June 1, 2024.
該交易預計將在2024年第三季度結束，經過慣常條件和價格調整，將於2024年6月1日生效。
Outlook: The transaction is anticipated to immediately accretive to Devon's key per-share financial metrics, including earnings, cash flow, free cash flow, and net asset value.
展望：交易預計將立即對達文的各項關鍵每股財務指標，包括收益、現金流、自由現金流和淨資產價值產生增值效應。
Post-deal closure, the company expects oil production to average 375,000 barrels of oil per day, with total production averaging 765,000 barrels of oil equivalent (Boe) daily across its diversified asset portfolio.
交易結束後，該公司預計每日石油產量將平均達到375,000桶，整個產量將平均達到每天765,000個油當量（Boe），並分佈在其多元化的資產組合之中。
The transaction significantly enhances Devon's position in the Williston Basin, adding 307,000 net acres (70% working interest).
此次交易顯著增強了達文在威利斯頓盆地的地位，增加了307,000個淨畝（持續70%的工作利益）。
Production from these properties is expected to remain around 100,000 Boe per day (55% oil) in 2025.
預計到2025年，這些資產的產出將保持在每天約100,000個油當量（55%爲油）左右。
With increased scale, Devon anticipates up to $50 million in annual cash flow savings from operational efficiencies and marketing synergies.
隨着規模的擴大，達文預計能夠通過提高操作效率和營銷協同，達到每年5億美元的現金流節省。
The transaction supports Devon's strong investment-grade credit ratings, targeting a net debt-to-EBITDAX ratio of about 1.0 times at closing. Devon plans to allocate up to 30% of annual free cash flow to reduce $2.5 billion in debt over the next two years.
該交易支持達文的強勁投資級信用評級，以對沖負債。而達文計劃將每年的30%自由現金流分配到未來兩年付款25億美元的負債償還。
Share Repurchase & Dividend: Given the transaction's positive impact on free cash flow, Devon's board of directors has increased its share repurchase authorization by 67% to $5 billion through mid-year 2026.
股份回購與股息：由於這次交易對自由現金流的積極影響，達文的董事會已將其股份回購授權增加了67％以達到50億美元，並延續至2026年年中。
Additionally, the company anticipates the acquisition to enhance its dividend payout starting in 2025 and beyond.
此外，公司預計收購事件將增強其2025年及以後的股息支付能力。
As of the end of the first quarter of FY24, Devon's cash, cash equivalents, and restricted cash were $1.15 billion.
截至FY24第一季度末，達文的現金、現金等價物和限制性現金爲1.15億美元。
Devon anticipates reporting results for the second quarter of 2024 on August 6, 2024.
達文預計將於2024年8月6日公佈2024年第二季度的結果。
Investors can gain exposure to the stock via Invesco Energy Exploration & Production ETF (NYSE:PXE) and Invesco S&P 500 Equal Weight Energy ETF (NYSE:RSPG).
投資者可以通過Invesco能源勘探和生產ETF（紐交所：PXE）和Invesco標普500等權重能源ETF（紐交所：RSPG）獲得該股的曝光。
Price Action: DVN shares are down 2.78% at $45.72 at the last check Monday.
截至週一最後一次查看時，DVN股票跌2.78％至45.72美元。
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