Devon Energy (NYSE:DVN) is on the move Monday after announcing it would acquire peer WPX Energy (NYSE:WPX). It has been a tough year for the oil patch, so investors are rewarding DVN stock for charting a strategic path. In short, this deal should help cut costs, boost scale and even avoid a pending political downside catalyst.
This has by no means been a good year for oil and gas companies. The novel coronavirus pandemic has driven down demand, and a price war between Saudi Arabia and Russia introduced some powerful volatility to the market. Now, depressed prices, political headwinds and an electrified future continue to weigh