M&A Deal Summary

Carrizo Oil & Gas Acquires Devon Energy - Delaware Basin Properties

On August 14, 2018, Carrizo Oil & Gas acquired oil/gas exploration company Devon Energy - Delaware Basin Properties from Devon Energy for 215M USD

Acquisition Highlights
  • This is Carrizo Oil & Gas’ 1st transaction in the Oil/Gas Exploration sector.
  • This is Carrizo Oil & Gas’ largest (disclosed) transaction.
  • This is Carrizo Oil & Gas’ 1st transaction in the United States.
  • This is Carrizo Oil & Gas’ 1st transaction in Oklahoma.

M&A Deal Summary
Date 2018-08-14
Target Devon Energy - Delaware Basin Properties
Sector Oil/Gas Exploration
Buyer(s) Carrizo Oil & Gas
Sellers(s) Devon Energy
Deal Type Divestiture
Deal Value 215M USD

Target

Devon Energy - Delaware Basin Properties

Oklahoma City, Oklahoma, United States
Devon Energy Corp. - Delaware Basin Properties comprises Approximately 10,600 gross (9,600 net) acres located in the Delaware Basin in Reeves and Ward counties, with the majority of the position adjacent to the Company’s existing acreage.

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Buyer(S) 1

Buyer

Carrizo Oil & Gas

Houston, Texas, United States
Category Company
Founded 1993
Sector Oil/Gas Exploration
Employees215
Revenue 746M USD (2017)
DESCRIPTION

Carrizo Oil & Gas, Inc. is an independent energy company focused on the acquisition and development of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas. Carrizo Oil & Gas, Inc. was formed in 1993 and is headquartered in Houston, Texas.

DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 1 of 1
State (Oklahoma) 1 of 1
Country (United States) 1 of 1
Year (2018) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 1

SELLER

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 11 of 11
Sector (Oil/Gas Exploration) 10 of 10
Type (Divestiture) 10 of 10
State (Oklahoma) 3 of 3
Country (United States) 8 of 8
Year (2018) 1 of 1
Size (of disclosed) 6 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-16 Devon Energy - 28 000 Acres Midland Basin

Oklahoma City, Oklahoma, United States

Devon Energy - 28,000 Acres Midland Basin acreage is located in Martin, Midland, Upton, Reagan, Glasscock, Andrews, Dawson, Gaines and Howard counties in Texas. Current net production is approximately 1,000 barrels of oil equivalent per day (BOEPD), with oil comprising approximately 70% of the production.

Sell $435M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-28 WPX Energy

Tulsa, Oklahoma, United States

WPX Energy is an exploration and production company focused on developing its significant natural gas, natural gas liquids, and oil reserves, particularly in the Piceance Basin, Bakken Shale, and Marcellus Shale. WPX Energy was founded in 1983 and is based in Tulsa, Oklahoma.

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