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  5. CHK: It appears that Devon Energy has expressed an interest in purchasing ERF. [Chesapeake Energy Corporation]
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Q: It appears that Devon Energy has expressed an interest in purchasing ERF. Could you look at potential synergies for this deal and provide any additional views (eg. any other potential suitors?).

Many thanks.
Asked by karl on February 08, 2024
5i Research Answer:

Devon's rivals have made deals, and it would be a relatively easy bite for DVN. There would be some operational and regional synergies, but most savings would come from reduction in corporate costs, probably in the range of $100M or so. DVN likely would want Bakken shale (North Dakota) exposure and its Marcellus exposure in Pennslyvania. There is not official deal here, just a rumour reported by Reuters. CHK or EOG probably would want to sniff around if ERF came into play. 

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