Report: Devon Energy Targeting Bakken E&P Enerplus for Acquisition

Devon Energy approached Canada’s Enerplus Corp., which holds 236,000 net acres in the Bakken, with an acquisition offer, people familiar with the matter told Reuters on Feb. 8.

Enerplus, which has a market value of about $3.14 billion, reported third-quarter Bakken production average of 77,702 boe/d (68% crude oil). An acquisition by Devon would more than double the company’s Williston Basin production, which averaged 54,000 boe/d in third-quarter 2023. This year, the company planned to reduce capital activity in the basin by 50% compared with 2023.

The company’s last major acquisition in the Williston was an $865 million purchase of E&P RimRock Oil & Gas in July 2022.

A combination with Enerplus would continue the dealmaking spree seen in the North American oil patch in recent months, which has included many of Devon's rivals — including Exxon Mobil, Chevron and Occidental Petroleum — making major acquisitions, Reuters reported.

There is no certainty that Devon and Enerplus will negotiate a deal, the sources told Reuters, requesting anonymity because the matter is confidential. 

Devon declined comment and Enerplus did not immediately respond to a request for comment, Reuters reported.