Devon Energy (NYSE: DVN) announced the $2.6 billion acquisition of undeveloped Delaware Basin acreage on May 21, 2026. The deal includes 16,300 net acres.
The company secured 24 parcels in New Mexico’s Lea and Eddy counties. This purchase occurred during a record-breaking $4 billion Bureau of Land Management federal lease sale.
The transaction adds approximately 400 drilling locations adjacent to Devon’s existing assets. Analysts identified the $161,500 per-acre price as surprisingly high. Devon’s shares declined 1.6% during afternoon trading following concerns over the premium valuation.