{"id":375737,"date":"2020-09-29T08:40:39","date_gmt":"2020-09-29T03:10:39","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=375737"},"modified":"2020-09-29T09:14:37","modified_gmt":"2020-09-29T03:44:37","slug":"devon-energy-to-acquire-shale-oil-rival-wpx-energy-for-2-56-billion","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/devon-energy-to-acquire-shale-oil-rival-wpx-energy-for-2-56-billion\/","title":{"rendered":"Devon Energy to acquire shale-oil rival WPX Energy for $2.56 billion"},"content":{"rendered":"<p>US oil and gas producer Devon Energy Corp said on Monday it will buy shale-oil rival WPX Energy Inc for $2.56 billion as it looks to boost its presence in the top US oilfield. <\/p>\n<p>The all-stock deal comes as US shale companies have posted big losses on weak crude prices amid the Covid-19 pandemic and have struggled to raise new capital to restructure debt. <\/p>\n<p>But as producers seek out combinations to survive the coronavirus-induced slump in demand, deals at little or no premium are becoming the norm. <\/p>\n<p>Investors cheered the deal, pushing up WPX shares 17 per cent in Monday afternoon trading, to $5.22, while Devon rose nearly 13 per cent to $9.94.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>US oil and gas producer Devon Energy Corp said on Monday it will buy shale-oil rival WPX Energy Inc for $2.56 billion as it looks to boost its presence in the top US oilfield. The all-stock deal comes as US shale companies have posted big losses on weak crude prices amid the Covid-19 pandemic and have struggled to raise new capital to restructure debt. But as producers seek out combinations to survive the coronavirus-induced slump in demand, deals at little or no premium are becoming the norm. Investors cheered the deal, pushing up WPX shares 17 per cent in Monday [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,169],"tags":[],"class_list":["post-375737","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-oil-gas-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/375737","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=375737"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/375737\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=375737"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=375737"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=375737"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}