Devon Energy (NYSE: DVN) acquired 16,300 net undeveloped acres in New Mexico’s Delaware Basin on May 21, 2026. The company paid approximately $2.6 billion for the land through a Bureau of Land Management lease sale. This acquisition adds roughly 400 net drilling locations featuring favorable federal lease terms.
The purchase follows Devon’s recent $58 billion merger with Coterra Energy. This move strengthens the company's position as a leading producer in the Permian Basin.
Devon shares declined slightly following the announcement. The dip coincided with a broader market retreat fueled by volatile oil prices and geopolitical tensions.