M&A Deal Summary

Devon Energy Acquires PennzEnergy

On August 17, 1999, Devon Energy acquired oil/gas exploration company PennzEnergy for 2.6B USD

Acquisition Highlights
  • This is Devon Energy’s 3rd transaction in the Oil/Gas Exploration sector.
  • This is Devon Energy’s 6th largest (disclosed) transaction.
  • This is Devon Energy’s 2nd transaction in the United States.
  • This is Devon Energy’s 2nd transaction in Texas.

M&A Deal Summary

Date 1999-08-17
Target PennzEnergy
Sector Oil/Gas Exploration
Buyer(s) Devon Energy
Deal Type Add-on Acquisition
Deal Value 2.6B USD

Target

PennzEnergy

Houston, Texas, United States
PennzEnergy Co. is an oil and gas exploration company.

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Buyer(S) 1

Buyer

Devon Energy

Oklahoma City, Oklahoma, United States

Category Company
Founded 1971
Sector Oil/Gas Exploration
Employees1,800
Revenue 15.3B USD (2023)
DESCRIPTION

Devon Energy a U.S. based independent natural gas and oil producers. The company's operations are focused on North American onshore exploration and production. Devon Energy was founded in 1971 and is based in Oklahoma City.


DEAL STATS #
Overall 3 of 13
Sector (Oil/Gas Exploration) 3 of 12
Type (Add-on Acquisition) 3 of 9
State (Texas) 2 of 6
Country (United States) 2 of 11
Year (1999) 1 of 1
Size (of disclosed) 6 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1998-07-06 Northstar Energy

Calgary, Alberta, Canada

Northstar Energy Corp. is a provider of gas and oil exploration services. Northstar properties are located primarily in Alberta and Northeast British Columbia, with total proven reserves of 550 bcf of natural gas and 36 million bbl of oil and NGL.

Buy $750M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2000-05-26 Santa Fe Snyder

Houston, Texas, United States

Santa Fe Snyder Corp. is an oil & gas exploration and production company.

Buy $3.5B