Devon to Buy Williston Basin Oil Assets in $5 Billion Deal (3)

Devon Energy Corp. agreed to acquire the Williston Basin business of EnCap Investments LP’s Grayson Mill Energy for $5 billion as consolidation continues in the US oil patch.

Devon will pay $3.25 billion in cash and $1.75 billion in stock for the assets in the Bakken region of North Dakota and Montana, the company said in a statement Monday. Devon plans to finance the first portion with cash on hand and debt. The deal is expected to close by the end of the third quarter.

The move will significantly expand Devon’s operations in the Williston, vaulting it from the basin’s ...