Tuesday, January 31, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use
Oil Market News
  • Home
  • Marketdaily
  • Price
  • crudenow
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEChot
  • brend
  • ships
Oil Market News
Home Market

Devon Energy acquires Rim Rock’s leasehold interest and related assets for $865

8 months ago
in Market
Devon Energy acquires Rim Rock’s leasehold interest and related assets for $865
Share on FacebookShare on Twitter


World Oil staff 6/8/2022

(WO) — Devon agreed to acquire the leasehold interest and related assets of RimRock Oil and Gas, a Warburg Pincus portfolio company focused in the Williston Basin, for total cash consideration of $865 million.



“This bolt-on acquisition is highly complementary to our existing position in the Williston Basin and is immediately accretive to our financially-driven strategy,” Rick Muncrief, Devon’s president and CEO, commented in a company release.

Latest Oil News

Mexico’s Pemex seeks more than $1bn in bond sale

Mexico’s Pemex seeks more than $1bn in bond sale

January 31, 2023
Shell launches shake-up under new chief Wael Sawan

Shell launches shake-up under new chief Wael Sawan

January 30, 2023
Big Oil’s profits juggernaut on pace to slow but not stop

Big Oil’s profits juggernaut on pace to slow but not stop

January 29, 2023
Tullow Oil: the end of an era for exploration and production

Tullow Oil: the end of an era for exploration and production

January 28, 2023

The RimRock bolt-on transaction adds a contiguous position of 38,000 net acres (88% working interest) directly offsetting and overlapping Devon’s existing position. RimRock’s first-quarter production was approximately 15,000 boe/d (78% oil), with volumes expected to increase to an average of 20,000 boe/d over the next year, the release said.

RimRock is an independent oil and gas company focused on the acquisition and development of North American oil and gas assets. Since its founding in 2016, RimRock operates nearly 200 wells, including 64 drilled wells and over 130 acquired operating wells. The company has over 38,000 net acres of total land holdings in the Williston Basin.

“RimRock was founded with the mission to apply modern technologies to optimize asset performance as a low-cost operator,” James Fraser, CEO of RimRock, said. “The current commodity environment, combined with our high-performing assets and the support of our strong team, resulted in an incredible business that I am proud to have led. I would also like to thank Warburg Pincus for their partnership over the past 5 years and believe Devon Energy will benefit greatly from ownership of these assets moving forward.”

Wells Fargo served as financial advisor to RimRock in connection with the transaction, and Kirkland & Ellis served as legal advisor.







www.worldoil.com

Tags: acquiresacquisitionAssetsDevonEnergyinterestinterestsleaseholdproductionrelatedRimRocks
Previous Post

Analysis: Oil prices, Ukraine war create Saudi pivot point

Next Post

Fire at US natural gas plant deals blow to exports

Related Posts

Mexico’s Pemex seeks more than $1bn in bond sale

Mexico’s Pemex seeks more than $1bn in bond sale

by Oil Market News
January 31, 2023
0

Mexico’s state-owned oil company Pemex was conducting a bond sale worth at least $1bn on Tuesday, according to people familiar...

Shell launches shake-up under new chief Wael Sawan

Shell launches shake-up under new chief Wael Sawan

by Oil Market News
January 30, 2023
0

Shell plans to restructure the way it runs its hydrocarbons and renewables businesses as part of changes being made under...

Big Oil’s profits juggernaut on pace to slow but not stop

Big Oil’s profits juggernaut on pace to slow but not stop

by Oil Market News
January 29, 2023
0

Oil companies will defy the gloom overshadowing many other industries when they start to report earnings this week, with analysts...

Tullow Oil: the end of an era for exploration and production

Tullow Oil: the end of an era for exploration and production

by Oil Market News
January 28, 2023
0

Those who built the oil industry had to be good at two things: finding the black stuff and getting it...

Chevron profits slip as oil and gas prices fall

Chevron profits slip as oil and gas prices fall

by Oil Market News
January 27, 2023
0

Chevron announced record earnings for 2022 but its fourth-quarter profits slipped from previous months in a sign that Big Oil’s...

Big Oil’s cash bonanza | Financial Times

Big Oil’s cash bonanza | Financial Times

by Oil Market News
January 26, 2023
0

This article is an on-site version of our Energy Source newsletter. Sign up here to get the newsletter sent straight to...

Next Post
Fire at US natural gas plant deals blow to exports

Fire at US natural gas plant deals blow to exports

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trend Oil News

Oil prices stable, but Chinese demand worries linger

Oil prices stable, but Chinese demand worries linger

2 months ago
Oil price rise in India is way below global price hikes, says Hardeep Singh Puri,

Oil price rise in India is way below global price hikes, says Hardeep Singh Puri,

4 months ago
So much for turnaround Tuesday? Stocks tumble again

So much for turnaround Tuesday? Stocks tumble again

5 months ago
Indian crude oil basket at 10-year high : The Tribune India

Indian crude oil basket at 10-year high : The Tribune India

8 months ago
UV light can kill viruses, but home devices risk false security, say experts

UV light can kill viruses, but home devices risk false security, say experts

9 months ago
ADVERTISEMENT
Gasoil margins fall on cautious sentiment amid firm oil

Gasoil margins extend losses on cautious sentiment

January 31, 2023

Clean-energy investing poised to top money backing oil and gas after hitting a record

January 31, 2023

Live news: PayPal to cut 7% of its workforce – Financial Times

January 31, 2023

Activists board Shell FPSO on route to N Sea: Update – Argus Media

January 31, 2023

‘OPEC does not control the price’: OPEC President | OPEC News

January 31, 2023

Oil Under Pressure As API Reports Large Crude, Product Builds

January 31, 2023

Crude Oil

Oil rises after U.S. fuel stocks draw down; economic concerns loom

Oil prices settle steady on higher U.S. demand, weaker dollar

January 31, 2023
S&P 500 Down 1%; Crude Oil Drops Over 2%

S&P 500 Down 1%; Crude Oil Drops Over 2%

January 30, 2023
Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023
Oil-Exporting Colombia Says No to Oil Exploration

Oil-Exporting Colombia Says No to Oil Exploration

January 28, 2023

Investing

Crude Oil Shielded From Bond and Stock Market Rout

Clean-energy investing poised to top money backing oil and gas after hitting a record

January 31, 2023
Crude Oil Shielded From Bond and Stock Market Rout

The Cushing® MLP & Infrastructure Total Return Fund Announces Fund Name Change

January 30, 2023
Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023
Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

January 28, 2023

Market

Mexico’s Pemex seeks more than $1bn in bond sale

Mexico’s Pemex seeks more than $1bn in bond sale

January 31, 2023
Shell launches shake-up under new chief Wael Sawan

Shell launches shake-up under new chief Wael Sawan

January 30, 2023
Big Oil’s profits juggernaut on pace to slow but not stop

Big Oil’s profits juggernaut on pace to slow but not stop

January 29, 2023
Tullow Oil: the end of an era for exploration and production

Tullow Oil: the end of an era for exploration and production

January 28, 2023

OPEC

‘OPEC does not control the price’: OPEC President | OPEC News

‘OPEC does not control the price’: OPEC President | OPEC News

January 31, 2023
OPEC+ Closely Watches Chinese Factory Data

OPEC+ Closely Watches Chinese Factory Data

January 30, 2023
Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
Top 20 Oil Exporting Countries in 2023

Top 20 Oil Exporting Countries in 2023

January 28, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use

© 2022 OilMarket.News

No Result
View All Result
  • Home
  • Market
  • Price
  • crude
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEC
  • brend
  • ships

© 2022 OilMarket.News

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.