Devon Energy (OKC) and WPX Energy (Tulsa) announced Monday they have agreed to entered into an agreement to combine in an all stock merger of equal transactions.
According to a press release from WPX Energy, the combined company will be named Devon Energy and will be headquartered in Oklahoma City.
Combined, the two companies will be worth $12 billion.
“This merger is a transformational event for Devon and WPX as we unite our complementary assets, operating capabilities and proven management teams to maximize our business in today’s environment, while positioning our combined company to create value for years to come,” said Dave Hager, Devon’s president and CEO.
This is a developing story.