Devon Energy adds to Eagle Ford shale position with $1.8 billion acquisition

US independent oil and gas producer Devon Energy has reached an agreement to acquire the assets of privately-held Validus Energy in the Eagle Ford shale for $1.8 billion.

Devon called the 42,000 net acres in the Eagle Ford — which are adjacent to the company’s existing assets — “a premier acreage position”.

“Validus’ current production is approximately 35,000 barrels of oil equivalent per day, with volumes expected to increase to an average of 40,000 boepd over the next year,” Devon said.