Devon Energy To Buy RimRock Oil And Gas' Interest In The Williston Basin For $865 Mln

(RTTNews) - Devon Energy Corp. (DVN) Wednesday said it has agreed to acquire the leasehold interest and related assets of RimRock Oil and Gas, LP, a Warburg Pincus portfolio company, in the Williston Basin for $865 million.

The transaction is subject to customary terms and conditions and is expected to close in the third quarter of 2022, with an effective date of April 1, 2022.

"This bolt-on acquisition is highly complementary to our existing position in the Williston Basin and is immediately accretive to our financially-driven strategy," said Rick Muncrief, president and CEO. "RimRock's directly adjacent acreage offers strong operational synergies, adds to our high-quality inventory in the core of the play and positions us to further increase the return of cash to shareholders."

According to Devon, the deal is expected to be immediately accretive to all relevant per-share metrics in the first year, including earnings, cash flow, free cash flow, and net asset value.