Operator
Welcome to Devon Energy s first-quarter 2021 earnings conference call. [Operator instructions] This call is being recorded. I would now like to turn the call over to Mr. Scott Coody, vice president of investor relations.
Sir, you may begin.
Vice President, Investor Relations
Good morning, and thank you to everyone for joining us on the call today. Last night, we issued an earnings release and presentation that cover our results for the quarter and our forward-looking outlook. Throughout the call today, we will make references to our earnings presentation to support our prepared remarks and these slides can be found on our website. Also joining me on the call today are Rick Muncrief, our president and CEO; Clay Gaspar, our chief operating officer; Jeff Ritenour, our chief financial officer; and a few other members of our senior management team.
Devon All In on Permian Delaware, with Most Capital, Rigs Set for New Mexico, Texas
The Permian Basin will be the go-to target for Devon Energy Corp. this year, with 80% of this year’s capital budget and nearly all of the rigs directed to the massive formation.
The Oklahoma City-based independent issued its legacy fourth quarter and full-year results last week. Results from WPX Energy Inc., which completed its merger with Devon in early January, were reported separately.
“With the merger of equals between Devon and WPX Energy now finalized, we have an exciting story to share with you about the prospects of our new company,” CEO Rick Muncrief, formerly the chief of WPX, said. “We have definitely timed this merger well, catching the very bottom of the cycle and positioning ourselves to capture the full upside presented by the recent strengthening of macro fundamentals.
Devon Completes ‘Merger of Equals’ Transaction with WPX Energy
The combined company will operate under the name Devon Energy with a premium acreage position in the economic core of the Delaware Basin.
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Devon Energy Corp. and WPX Energy Inc. completed the previously announced all-stock merger, the U.S. oil and gas producers said in a joint release on Jan. 7.
The transaction, announced in September 2020, was described by the companies as a “merger of equals” and gives Devon a premium acreage position in the economic core of the Delaware Basin. The all-stock deal was valued at about $5.75 billion, which includes the assumption of $3.2 billion in net debt.