|Friday, May 26, 2000
Devon Energy Corporation and Santa Fe Snyder Corporation have announced plans to merge. The company will be named Devon Energy Corporation and the corporate offices will be in Oklahoma City, Oklahoma. After the merger is complete, the new company would be ranked among the top 5 U.S. independent oil & gas producers. The company would also have proven reserves of 1.1 billion barrels of oil equivalent being 53 percent oil and 47 percent natural gas. The core domestic operating regions for the combined companies would be the Permian Basin, Rocky Mountains and the Gulf of Mexico. The company would also have international operations in Azerbaijan, Southeast Asia and South America. The merger is subject to the approval of shareholders of both companies, the Hart-Scott Rodino waiting period and other customary closing conditions. The merger is expected to be completed by the third quarter of 2000.