Energy Up Amid Deal Activity — Energy Roundup

Shares of energy companies rose amid deal activity.

Devon Energy agreed to acquire Grayson Mill Energy, an oil-and-gas producer in the Williston Basin in the northern U.S., in a cash-and-stock deal valued at $5 billion. "We're seeing yet another deal in the energy space," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. "It seems like we've seen several of those over the last 12 months or so."

Examples of recent deals include Exxon Mobil's deal to buy Permian Basin driller Pioneer Natural Resources and Chevron's agreement to buy Hess. Joyce said Devon's disclosure of share-buyback plans was also significant. "It shows management ... who should know more about their company than anybody else ... thinks the company's undervalued," said Joyce.

Some petrochemical production plants along the Texas Coast were shut as Hurricane Beryl made an early morning landfall near Matagorda, Texas, as a Category 1 storm. Roughly 2.7 million residents of the Houston area lost power during the onset of the storm.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

July 08, 2024 17:27 ET (21:27 GMT)

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