On Monday, Tulsa-based WPX Energy and Oklahoma City-headquartered Devon Energy announced a plan to merge in an all-stock deal that would, based on Friday's stock values for both, create a new company with a market capitalization of $12 billion.
The agreement, which already has received unanimous approval by both companies' boards of directors and awaits stockholder approvals, would allocate a 0.5165 share of Devon stock to the holder of a WPX share.
Officials state the deal would create a dominant position for a new company that has a centerpiece operational area of about 400,000 acres in the Delaware Basin covering much of west Texas and eastern New Mexico.
However, while WPX currently is building a new corporate headquarters in Tulsa on a property that spans a downtown block between ONEOK Field and the Guthrie Green Urban Park, a letter Swan sent to nearby property owners on Monday indicated it is likely it won't move into the completed 11-story building once it is finished next year. "Like many of you and your businesses, we are not immune to the effects of what COVID has wrought on the economy and our industry. Quite simply, our world has changed like…