How much did Devon Energy pay for the Delaware Basin acreage, and what key strategic advantages does this acquisition provide?

Devon Energy paid $2.6 billion for 16,300 net undeveloped acres in the core of the Delaware Basin in New Mexico. The acquisition strengthens Devon’s position in the most prolific U.S. oilfield by adding approximately 400 net drilling locations (normalized to two-mile laterals), situating the new acreage adjacent to its existing operations to leverage established infrastructure and enable longer lateral drilling. Additionally, the U.S. Bureau of Land Management leases carry an 87.5% net revenue interest and 10-year terms across all depths—terms Devon stated are more favorable and entail lower royalty burdens than typical state or private leases in the region.

What is the per-acre valuation of Devon’s Delaware Basin acquisition, and how was it funded?

The transaction was valued at $161,500 per net acre. Devon will fund the $2.6 billion acquisition using cash on hand.

Devon snaps up prime Delaware Basin acreage for $2.6 billion after Coterra merger

May 21, 2026

Devon Energy acquired 16,300 net undeveloped acres in the Delaware Basin for $2.6 billion following its merger with Coterra Energy, strengthening its U.S. shale position with favorable federal lease terms.

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