Devon Energy, an independent energy company that is involved primarily in oil and gas exploration, development and production, completed the merger with WPX Energy, a company engaged in hydrocarbon exploration, in a $12bn all-stock deal. The combined company will operate under the name Devon Energy and be headquartered in Oklahoma City. “This transformational merger enhances the scale of our operations, builds a dominant position in the Delaware Basin and accelerates our cash-return business model that prioritizes free cash flow generation and the return of capital to shareholders. We are excited to combine our teams and we look forward to executing on our disciplined strategy to create value for all of our stakeholders,” Dave Hager, Devon Energy President and CEO.