Stone Ridge Asset Management has proposed an $8 billion cash offer to acquire Devon Energy’s Marcellus shale assets, comprising 190,000 net acres in Pennsylvania that account for roughly 20 percent of the company’s projected 1.6 million boe/d output. Devon closed its $58 billion merger with Coterra in May and is reviewing assets.
Stone Ridge Asset Management has submitted an offer of approximately $8 billion to acquire the 190,000-net-acre Marcellus shale position from Devon Energy, initiating discussions for a potential transaction.
These Marcellus assets, located in Pennsylvania, are predominantly natural gas and projected to deliver about 20 percent of Devon’s 1.6 million barrels of oil equivalent per day output in 2026, second only to its Delaware Basin operations.
Following its $58 billion merger with Coterra Energy in May, Devon’s management, led by CEO Clay Gaspar, is conducting a comprehensive review of all assets to optimize its portfolio and enhance shareholder value.
Stone Ridge’s proposal envisages a landmark asset-backed securitisation, pledging future production revenues as collateral—a financing model it previously applied in a $3 billion Oklahoma transaction.
