Name: Devon agrees to buy Tulsa-based WPX Energy, move company to Oklahoma City
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Devon agrees to buy Tulsa-based WPX Energy, move company to Oklahoma City

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Please subscribe to keep reading. You can cancel at any time.Already a subscriber?or .Loading&amp;hellp;Thanks for reading! Log in to continue.Enjoy more articles by logging in or creating a free account. No credit card required.You are the owner of this article.You have permission to edit this article.© 2020 Lee EnterprisesDevon agrees to buy Tulsa-based WPX Energy, move company to Oklahoma CityShare thisThe new WPX Energy headquarters building is being built near Martin Luther King Jr. Avenue and Reconciliation Way. Devon Energy has agreed to buy Tulsa-based WPX Energy for $2.56 billion in an all-stock deal that will send WPX to Devon’s headquarters in Oklahoma City.The new WPX Energy headquarters building remains under construction near Martin Luther King Jr. Boulevard and Reconciliation Way on Monday. Devon Energy has agreed to buy Tulsa-based WPX Energy for $2.56 billion in an all-stock deal that will send WPX to Devon’s headquarters in Oklahoma City.The new WPX Energy headquarters building is being built near Martin Luther King Jr. Avenue and Reconciliation Way. Devon Energy has agreed to buy Tulsa-based WPX Energy for $2.56 billion in an all-stock deal that will send WPX to Devon’s headquarters in Oklahoma City.Devon Energy has agreed to buy Tulsa-based WPX Energy for $2.56 billion in an all-stock deal that will send WPX to Devon's headquarters in Oklahoma City.WPX employs 400 people in Tulsa. The combined company will be named Devon Energy, and closing is scheduled for the first quarter of 2021.The merger will create a leading unconventional oil producer in the U.S., with an asset base underpinned by a premium acreage position in the economic core of the Delaware Basin.Under the terms of the agreement, WPX shareholders will receive a fixed exchange ratio of 0.5165 shares of Devon common stock for each share of WPX common stock owned. The exchange ratio, together with closing prices for Devon and WPX on Sept. 25, 2020, results in an enterprise value for the combined company of about $12 billion.Upon completion of the transaction, Devon shareholders will own approximately 57% of the combined company and WPX shareholders will own approximately 43% of the combined company on a fully diluted basis."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," Dave Hager, Devon’s president and CEO, said in a statement. "Bringing together our asset bases will drive immediate synergies and enable the combined company to accelerate free cash flow growth and return of capital to shareholders. In addition to highly complementary assets, Devon and WPX have similar values, and a disciplined returns-oriented focus, reinforcing our belief that this is an ideal business combination.'"Rick Muncrief is WPX's chairman and CEO."This merger-of-equals strengthens our confidence that we will achieve all of our five-year targets outlined in late 2019," Muncrief said in a statement. "The combined company will be one of the largest unconventional energy producers in the U.S. and with our enhanced scale and strong financial position, we can now accomplish these objectives for shareholders more quickly and efficiently."We will create value for shareholders of both companies through the disciplined management of our combined assets and an unwavering focus on profitable, per-share growth."The agreement leaves in flux what was to be WPX's new 11-story, 260,000-square-foot headquarters under construction at 222 N. Detroit Ave.In a letter to friends and neighbors, WPX said it will be exploring options to leverage the office in a way that benefits Greenwood and the Arts District."There are a number of possibilities, all of which would be mere speculation at this point, including a sale of the building or leasing office space to other tenants," the letter read. "We’ve already received numerous unsolicited expressions of interest for leasing since the project began."The integration period of the deal closes will take several months, WPX spokesman Kelly Swan said. The company also 200 additional employees at offices in Killdeer, N.D., and Carlsbad, N.M."The realities of global energy markets necessitate moves like the one announced (Monday)," Tulsa Mayor G.T. Bynum said in a statement. "Earlier this year, WPX’s decision to remain and invest in Tulsa was based upon their recognition of the value their employees bring to the company’s overall success."WPX recognized that it was human capital that drove success and laid the foundation for growth. As a city, we remain committed to working with the new leadership team to ensure Tulsans continue to play a critical role in shaping the success of the merged company, and that those displaced by (Monday's) announcement are able to quickly transition and continue their contributions to the growth of Tulsa's economy. Further, we are already working aggressively to ensure one of downtown's most transformational projects continues moving forward and new tenants are identified."Gallery: Tulsa's tallest buildings - how the new WPX Energy building stacks upWPX Energy's 260,000-square-foot tower will be built on the block of property where the old Spaghetti Warehouse was located.Rhett Morgan 918-581-8395Twitter: @RhettMorganTWWith a weekly newsletter looking back at local history.The new WPX Energy headquarters building is being built near Martin Luther King Jr. Avenue and Reconciliation Way. Devon Energy has agreed to buy Tulsa-based WPX Energy for $2.56 billion in an all-stock deal that will send WPX to Devon’s headquarters in Oklahoma City.The new WPX Energy headquarters building remains under construction near Martin Luther King Jr. Boulevard and Reconciliation Way on Monday. Devon Energy has agreed to buy Tulsa-based WPX Energy for $2.56 billion in an all-stock deal that will send WPX to Devon’s headquarters in Oklahoma City.The new WPX Energy headquarters building is being built near Martin Luther King Jr. Avenue and Reconciliation Way. Devon Energy has agreed to buy Tulsa-based WPX Energy for $2.56 billion in an all-stock deal that will send WPX to Devon’s headquarters in Oklahoma City.© Copyright 2020 , 315 S. Boulder Ave. Tulsa, OK&nbsp;| &nbsp;|Powered by from .{{title}}{{summary}}You don't have any notifications.Get up-to-the-minute news sent straight to your device.Topics

Please subscribe to keep reading. You can cancel at any time.Already a subscriber?or .Loading&amp;hellp;Thanks for reading! Log in to continue.Enjoy more articles by logging in or creating a free account. No credit card required.You are the owner of this article.You have permission to edit this article.© 2020 Lee EnterprisesDevon agrees to buy Tulsa-based WPX Energy, move company to Oklahoma CityShare thisThe new WPX Energy headquarters building is being built near Martin Luther King Jr. Avenue and Reconciliation Way. Devon Energy has agreed to buy Tulsa-based WPX Energy for $2.56 billion...

Devon agrees to buy Tulsa-based WPX Energy, move company to Oklahoma City

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