Devon Buying Rival Ocean for $3.5 Billion
From Associated Press
Devon Energy Corp. is buying rival Ocean Energy Corp. for $3.5 billion in a stock deal that would create the largest U.S.-based independent oil and gas exploration and production company.
The combined company, which would be based in Oklahoma City, would have production of about 2.4 billion cubic feet of natural gas and 250,000 barrels of oil and natural gas liquids a day.
Ocean shares climbed 73 cents to $20 on the NYSE. Devon shares rose 7 cents to $48.30 on the American Stock Exchange.
