DVN Devon Energy Corp.

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Devon Energy Corporation $DVN shares are trading higher on Thursday after the company disclosed a deal to sell its Eagle Ford assets to Crescent Energy $CRGY for $4.2 billion in cash. The assets include approximately 90,000 net acres across Karnes, DeWitt and Gonzales Counties in Texas and account for about 4% of Devon’s total BOE production. $DVN $CRGY $SPY

$DVN Reuters (six sources): BP has entered the data room on Devon Energy's Eagle Ford operations in South Texas, weighing an acquisition. The appeal is adjacency. BP's BPX unit already pulls ~205,000 barrels a day out of its own Eagle Ford position, part of ~545,000 total, targeting 650,000+ by 2030. Buying next door brings cost savings and geology it already knows. TPH values the asset around $4.5 billion, square inside BP's $2-5 billion range for oil-weighted shale. Part of the position sat in a BP-Devon joint venture until last year. BP knows the rock. Data room entry is not a bid, and both sides declined to comment. Still, this is the other side of the $20 billion divestment program: under Meg O'Neill, BP is buying again.

$DVN The Toms Capital to push for a sale is a crock. 1) The merger wasn't completed until May 7 and hasn't had a chance to prove worthy of re-rating to a higher multiple. DVN hasn't completed one quarter as a combined entity to show its results and are still completing $1 billion in cost synergies; 4) DVN is evaluating which, if any, basins to offload: 5) DVN is so big now only a handful of majors could digest them. It's been 7 years since OXY bought Anadarko for $55 billion with oil at $55/bbl. It has been 4 years since XOM bought Pioneer for $59 billion with oil at $80/bbl. Nobody is going to make this big a purchase at the top of a commodity cycle. 6) Explorers need a multi-basin portfolio to provide a lever they can use based on whether pricing incentivizes oil-centric or gas-centric production. Technology advances so quickly they take what they learn from one basin and apply it to older basins to increase productivity. See EOG Resources.

Devon Energy ($DVN) pressing right against the apex of a major multi-month symmetrical triangle. The Setup: Coiling tightly with a breakout test underway right around the $50-$51 resistance zone, supported by a rising moving average slope filter below. Momentum: Volume profile shows lighter overhead supply once it clears this upper trendline band. Action: Coiling for a potential expansion move—watching for confirmation on the breakout.

$DVN is selling assets representing roughly 4% of its production for about 8% of its current market cap, why is it blood red?

$DVN DVN) closed its $58 billion Coterra merger in May and posted net income of $1.91 billion, its highest since 2022. It returned over $1 billion in the last seven weeks of the quarter, lifted its quarterly dividend 33%, and kept $7.8 billion of buyback authorization, while targeting at least $1 billion of annual synergies by the end of 2027. Raymond James (Strong Buy, $67 from $64), Hedge fund ownership of Devon Energy Corporation (NYSE:DVN) jumped to 82 funds from 58 at the end of the second quarter

$DVN Devon is currently trading at a forward price-to-earnings (P/E) multiple of roughly 11x. This sits well below its historical averages, leading firms like Morgan Stanley and Citi to call DVN one of the most undervalued U.S. stocks in the energy sector.

After bouncing right off the $48 support level, $DVN may be trying to breakout again! Nearly $2M of ATM 2028 Leap Calls were bought towards the end of the day! Confirmation of strength with a break over $50!

$DVN Crude oil is trading near $100 a barrel, Brent is around $110, and William Blair energy research analyst Neal Dingmann thinks the next move could be a "super spike." "We could see a super spike like a lot of the CEOs of the majors have suggested," Dingmann noted that oil executives keep telling him prices have a new, higher floor for at least the next several quarters, and he agrees: The midcycle price most analysts used to put at $70 to $80 a barrel is now "probably closer to 80 to 90," with periods above $100. "I think we've already seen record highs and we're going to even see higher," Dingmann said, pointing to "diesel, gasoline, home heating fuels" as winter approaches. good news for US oil producers, which Dingmann said "are just going to continue to print money." Most of the companies he covers reported record free cash flow in the second quarter, he said, and he expects new records in the third or fourth quarter.

$DVN "Devon Energy's expanding application of AI tools from drilling and completions into autonomous artificial lift on more than 1,000 wells, along with broader deployment across legacy Coterra wells, is expected to keep lowering unit operating costs and sustaining capital efficiency improvements that support operating margins and free cash flow."

$DVN sure does look like a possible cup and handle breakout might be on the horizon. Bad for the rest of the market

$DVN Devon signed the definitive agreement Thursday to sell its Eagle Ford assets to Crescent Energy for 4.2 billion dollars in cash (company release). That closes the loop on the September rumor. BP studied the asset and walked away, and TPH had pegged it at about 4.5 billion. Devon got within spitting distance of that number, from a different buyer. One level down, the buyer is doing the heavy lifting. Crescent is picking up about 68,000 boe/d and more than 600 Tier 1 locations, sees around $140 million in annual synergies, and launched a 1 billion dollar equity offering the same day to help fund the deal. Devon calls it a full exit from the basin: roughly 90,000 net acres, about 4% of its total BOE.

$DVN The BP deal rumor died Friday. Reuters reports BP studied Devon's Eagle Ford asset in South Texas and walked away. TPH Research had pegged the asset at about $4.5B. The tape told the story. Devon closed up 1.8% Thursday on the bid rumor, then fell about 3.6% Friday on the walk-away. The context is the sale process. Toms Capital, a top-5 shareholder, sent a letter this month urging Devon to sell assets or the whole company after this year's Coterra merger left it operating in six basins. BP was the natural buyer: it already owns Eagle Ford acreage and is shopping for oil-weighted shale. It passed and talked capital discipline.

$DVN EXCLUSIVE: BP eyes Devon Energy asset amid renewed US M&A ambitions, sources say | Reuters https://share.google/UYUSclGmXbwUltc4P

$DVN Reuters Reports BP Eyes Potential Acquisition of Devon Energy's South Texas Shale Assets

$DVN — Devon Energy's recent analyses covered strong revenue growth and positive technical indicators alongside price target adjustments and mixed market sentiment. Strong year-over-year quarterly revenue growth of 64.2% and earnings growth of 44%. Stock price decline despite market gains.

$DVN: approval is not payment in the Devon gas royalty case. The Sept 21 judgment starts an appeals wait, then a distribution order within 60 days after the effective date. Automatic checks, no date set. Open Class Actions.

$DVN: you do not have to live in Oklahoma for the $52.5M Devon gas royalty settlement. If Devon paid you royalty on gas from a Class Well 2013-2025, you are in, paid automatically. No date yet. Open Class Actions.

$DVN I’ve got a feeling Trump may start ground troops in Iran this weekend. He’s running out of time and appears desperate for a win before the elections. Any guesses on what DVN may do come Monday morning?