Learn more about Hart Energy Conferences
Get our latest conference schedules, updates and insights straight to your inbox.
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.
2024-02-29 - Shares for Oklahoma City-based Gulfport Energy massively outperformed market peers over the past year—and analysts think the natural gas-weighted name has even more upside.
2024-02-08 - Athabasca Oil and Cenovus Energy plan to ramp up production from about 2,000 boe/d to 6,000 boe/d by 2025.
2024-02-05 - Aethon’s wells show no signs of flatlining—and neither are Comstock Resources’ tests, one of which has already reached nearly 50% of its previously estimated EUR.
2024-01-31 - Silver Hill Energy Partners LP is getting into the Bakken in North Dakota through the acquisition of Liberty Resources II.