Market Chatter: Devon Said to Account For Over Half of $4 Billion US Government Oil, Gas Lease Sale

MT Newswires Live

May 21

Devon Energy (DVN) made up more than half of $4 billion in proceeds generated from an oil and gas lease sale on federal lands in New Mexico and Texas, Reuters reported late Wednesday, citing the US Bureau of Land Management.

The Bureau of Land Management said it leased 74 parcels amounting to 33,530 acres during the quarterly lease sale, with combined bonus bids and rental payments totaling roughly $4.01 billion.

Devon secured 25 parcels with total bonus bids worth $2.5 billion, according to the Reuters report, citing sale results posted on a government website.

The company didn't immediately respond to a request for comment by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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