Welcome to the U.S. Energy Information Administration overview of aspects of the acquisition of Mitchell Energy and Development Corp. by Devon Energy Corporation, which was announced August 14, 2001. Devon Energy reportedly will pay $3.1 billion in cash and stock plus assume approximately $0.4 billion of debt. This transaction increases Devon Energy's U.S. natural gas production capacity by 55 percent and Devon's liquids production capacity by 72 percent (based on proved reserves as of December 31, 2000). For further information please call the National Energy Information Center at (202) 586-8800.

Aspects of the Acquisition of Mitchell Energy and Development Corp. by Devon Energy Corporation

Background

On August 14, 2001, The Wall Street Journal reported that Devon Energy Corporation had agreed to acquire Mitchell Energy and Development Corp. for approximately $3.1 billion in cash and stock plus assume $400 million of debt owed by Mitchell Energy.   The deal increases Devon Energy's U.S. liquids reserves by 72 percent and natural gas reserves by 55 percent (based on proved reserves as of December 31, 2000).   Devon Energy is primarily engaged in oil and gas exploration, production, and property acquisitions.   Mitchell Energy is an independent producer of natural gas and natural gas liquids, in addition to having gathering, processing and marketing natural gas and natural gas liquids operations.

The following link provides company-level data from various public sources to inform discussions of the Devon Energy - Mitchell Energy merger.   This data presentation is similar to data presentations that have been previously requested from EIA for other significant energy company mergers and/or corporate alliances.

U.S. Oil and Gas Production

Financial Analysis Team, Office of Energy Markets and End Use, Energy Information Administration, August 15, 2001

Contact:
Neal Davis
neal.davis@eia.doe.gov
Fax: (202) 586-9753

OR

National Energy Information Center
Phone: (202) 586-8800

URL: http://www.eia.doe.gov/emeu/finance/mergers/d_mindex.html

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