Devon Energy’s recent attempt to acquire Marathon Oil was unsuccessful as Marathon agreed to a $22.5 billion deal with ConocoPhillips. This is the latest in a series of acquisition failures for Devon Energy, following previous missed opportunities with CrownRock and Enerplus. The failed takeover pursuits highlight the ongoing consolidation within the oil and gas sector, leaving Devon with limited options. Still, the company remains keen on finding suitable targets such as Ovintiv, Permian Resources, and Civitas Resources, which could enhance its position in key basins. Amidst this wave of industry consolidation, Devon Energy’s strategic discipline to avoid overpaying may eventually yield a favorable acquisition.
Oil and Gas, Energy,United States, Canada
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