A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie, Oklahoma. REUTERSSuch mergers allow companies to remove duplication and create economies of scaleUS shale producer Devon Energy Corp is in talks to acquire rival WPX Energy Inc in an all-stock transaction that would create a company worth around $6bn, people familiar with the matter said on Saturday. The sources, who requested anonymity to discuss the private talks, cautioned that an agreement was not guaranteed. Also read: Oil falls on fuel demand growth concerns as coronavirus lingersDevon and WPX did not immediately respond to requests for comment. Devon also holds acreage in the Eagle Ford play of south Texas, Oklahoma and Wyoming.

Source: Dhaka Tribune September 27, 2020 03:45 UTC