How Devon Energy missed out on the U.S. oil and gas mega-deal wave

has lost bids to acquire at least three of its peers in the last 12 months because its shares were spurned as acquisition currency, according to people familiar with the negotiations.

All-stock offers help reconcile price disagreements with acquisition targets whose shareholders are reluctant to cash out for fear energy prices may sharply rebound, but are happy to roll their stakes in a deal because they want to stay invested in the combined company. A Devon spokesperson declined to comment. In the company’s first-quarter earnings call last month, CEO Rick Muncrief said Devon had a “very, very high bar” on the acquisitions it would pursue.

Yet despite Devon’s strategy of running a tight ship and returning cash to shareholders, the production issues and higher costs have undermined investor confidence, and the market has more recently fallen out of love with Devon’s stock.

Brasil Últimas Notícias, Brasil Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Canada's energy regulator orders reduction in pressure on TC Energy's NGTL pipelineA section of the NGTL gas pipeline system in Alberta was ruptured and caught fire on April 16, sparking a wildfire in a remote area. Last month, TC Energy...
Fonte: YahooFinanceCA - 🏆 47. / 63 Consulte Mais informação »

Canada's energy regulator orders reduction in pressure on TC Energy's NGTL pipelineExplore stories from Atlantic Canada.
Fonte: SaltWire Network - 🏆 45. / 63 Consulte Mais informação »

Duke Energy signs agreements with Amazon, Google, Microsoft for clean energy supplyExplore stories from Atlantic Canada.
Fonte: SaltWire Network - 🏆 45. / 63 Consulte Mais informação »