4 Dec 2020merger communication● Neutral
Devon and WPX finished an employee culture survey and set up a process for post-merger talent decisions, still targeting an early-January 2021 close.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 Nov 2020merger communication● Neutral
Devon told employees the WPX merger's SEC review was progressing and the deal was now expected to close in January 2021, earlier than the original first-quarter 2021 target.
20 Nov 2020business combination● NeutralMajor
Amendment No. 1 to the registration for Devon's all-stock merger with WPX Energy, at a fixed 0.5165 Devon shares per WPX share. Between the September 26 announcement and this November filing the implied value had risen from $4.53 to $6.59 a WPX share as oil recovered; Devon holders end with about 57% and WPX holders 43%, EnCap has already signed a support agreement to vote its WPX stake in favour, and either side pays a $75 million break fee if it walks.
13 Nov 2020merger communication● Neutral
Devon and WPX's merger integration teams finalized their structure and detailed post-closing task plans.
12 Nov 2020merger communication● Neutral
Devon's CEO discussed the pending WPX merger at an industry investor conference; the transcript added no new deal terms.
6 Nov 2020merger communication▲ Good
Devon and WPX cleared U.S. antitrust review (HSR Act) for their merger and filed the joint SEC registration/proxy statement needed to bring the deal to a shareholder vote.
5 Nov 2020business combination● NeutralMajor
Devon registered the shares for its all-stock merger with WPX Energy at a fixed 0.5165 Devon shares per WPX share, leaving Devon holders with about 57% of the combined company and WPX holders 43%. A merger of near-equals struck in the depths of the 2020 price collapse.
4 Nov 2020merger communication● Neutral
Devon's leadership gave employees a video update on third-quarter results and merger integration progress, describing a still-challenged commodity price environment.
30 Oct 2020merger communication● Neutral
Devon and WPX selected McKinsey as their outside merger-integration partner and formed a steering committee to oversee integration planning.
30 Oct 2020merger communication● Neutral
Devon held its third-quarter 2020 earnings call; the transcript was filed as a merger communication but added no new information about the WPX deal.
29 Oct 2020merger communication● Neutral
Devon reported its third-quarter 2020 financial and operating results, filed under merger-communication rules because of the pending WPX deal.
23 Oct 2020merger communication● Neutral
Devon and WPX named the executives leading their merger integration planning and outlined initial workstreams.
7 Oct 2020merger communication● Neutral
Devon issued internal guidance for employees on how to respond to vendor questions about the pending WPX merger, instructing staff to say it is business as usual pending closing.
2 Oct 2020merger communication● Neutral
Devon's and WPX's CEOs held a joint employee town hall discussing the pending merger, introducing the two leadership teams to staff.
2 Oct 2020asset acquisition disposition▲ GoodMajor
Devon closed the renegotiated sale of its Barnett Shale gas assets to Banpu Kalnin Ventures, receiving $490 million net (including an earlier deposit) plus rights to up to $260 million in future earnouts, completing its multi-year exit from Canada, the Barnett and EnLink to focus solely on U.S. oil.
29 Sept 2020merger communication● Neutral
Devon filed copies of its social media posts announcing the WPX Energy merger, as required when a company communicates publicly about a pending stock deal.
29 Sept 2020merger communication● Neutral
Devon's CEO recorded a video message discussing the newly announced WPX Energy merger - a public-relations filing with no new deal terms.
28 Sept 2020merger communication● Neutral
Devon re-filed the same WPX Energy merger agreement announced that day as a Rule 425 merger-communication filing, a procedural duplicate required by SEC rules once a stock-for-stock merger is announced.
28 Sept 2020business combination▲ GoodMajor
Devon agreed to combine with WPX Energy in an all-stock "merger of equals," with WPX shareholders receiving 0.5165 Devon shares for each WPX share; Dave Hager was set to become executive chairman and WPX's Rick Muncrief the new president and CEO of the combined company.
28 Sept 2020merger communication● Neutral
Devon filed an internal announcement to employees about the newly announced WPX Energy merger, repeating the deal's strategic rationale with no new terms.
14 Apr 2020material agreement▼ Bad
As the 2020 oil price crash hit, Devon and Banpu Kalnin Ventures renegotiated the Barnett Shale sale, cutting the upfront cash to $570 million (from $770 million) while adding up to $260 million in earnout payments tied to future oil and gas prices, and pushed the closing date back to the end of 2020.
18 Dec 2019material agreement▲ GoodMajor
Devon agreed to sell its Barnett Shale gas assets in Texas to Banpu Kalnin Ventures for $770 million, the final divestiture completing its multi-year shift to an all-U.S.-oil portfolio, and authorized a new $1 billion share buyback.
3 July 2019asset acquisition disposition▲ GoodMajor
Devon closed the sale of its Canadian business to Canadian Natural Resources, receiving net proceeds of about USD $2.6 billion earmarked for debt repayment - completing Devon's transformation into a U.S.-only oil growth company, with only its Barnett Shale gas assets still to be divested.
31 May 2019material agreement▲ GoodMajor
Devon agreed to sell essentially all of its remaining Canadian oil and gas business to Canadian Natural Resources for CAD $3.775 billion (about USD $2.8 billion), completing its exit from Canada to focus entirely on U.S. oil.
9 Oct 2018debt financing● Neutral
Devon replaced its existing revolving credit facility with a new $3 billion facility led by Bank of America.
18 July 2018asset acquisition disposition▲ GoodMajor
Devon closed the $3.125 billion sale of its EnLink Midstream interests to Global Infrastructure Partners, ending its consolidation of EnLink's results and completing its exit from the midstream pipeline business it helped create in 2014.
7 June 2018material agreement▲ GoodMajor
Devon agreed to sell its entire ownership stake in EnLink Midstream to an affiliate of Global Infrastructure Partners for $3.125 billion, a deal expected to cut Devon's debt by 40%, and raised its share-buyback authorization to $4 billion.
22 Mar 2018material agreement▲ Good
Devon repurchased about $1.1 billion of its higher-cost outstanding bonds through tender offers, upsized from an initially planned $1.0 billion, as part of an ongoing effort to reduce debt.
22 Feb 2016material agreement▲ GoodMajor
Devon raised roughly $1.5 billion selling nearly 79.4 million new shares at $18.75 each, a large equity issuance during the 2016 oil-price downturn aimed at shoring up its balance sheet.
15 Dec 2015debt financing● Neutral
Devon raised $850 million selling 10-year senior notes at a 5.850% interest rate.