Devon will pay $865 million for RimRock’s Williston basin assets
RimRock is a portfolio company of funds managed by U.S. private equity powerhouse Warburg Pincus.
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Devon Energy Corp (DVN.N) said on Wednesday it would acquire the leasehold interest and related assets of RimRock Oil and Gas LP in the Williston Basin in North Dakota for $865 million.
RimRock is a portfolio company of funds managed by U.S. private equity powerhouse Warburg Pincus.
Devon said it intends to approve a 13% increase to the fixed quarterly dividend following the closing of the deal, expected in the third quarter to incur about $100 million in capital expenditures in 2022 after the closing of the deal.
RimRock has over 38,000 net acres of total land holdings in the Williston Basin.
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