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Article: Devon Snaps Up Mitchell in Major Gas Grab.(Devon Energy acquires Mitchell Energy and Development)(Brief Article)(Statistical Data Included)
- Article from:
- The Oil Daily
- Article date:
- August 15, 2001
CopyrightCOPYRIGHT 2001 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Devon Snaps Up Mitchell in Major Gas Grab
Devon Energy's three-year shopping spree continued Tuesday, as the Oklahoma-based independent producer capitalized on lower natural gas prices to snag Houston-based Mitchell Energy and Development in a $3.5 billion cash and stock deal. The deal would make Devon the second-largest independent producer of natural gas in the US, behind Burlington Resources, with domestic production of 1.4 billion cubic feet per day.
"The Mitchell properties fit perfectly with our long-term objectives," said Devon Chairman, President, and Chief Executive J. Larry Nichols. The purchase would boost Devon's year-end reserve base by ...