What we know, and what we still don't, about the Devon Energy, WPX Energy merger

3 min read
fairly difficult
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.

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