Fitch puts Devon, WPX on positive watch

Fitch Ratings said it placed the ratings for WPX Energy Inc., Devon Energy Corp. and Ocean Energy Inc. on rating watch positive.

“The ratings watch positive follows the announcement that Devon plans to acquire WPX, accelerating its realization of size and scale, while maintaining a sub-2x net leverage profile (approximately $1.7 billion pro forma cash at 2Q20). Management intends to further strengthen its post-close leverage profile via gross debt reduction of $1.5 billion,” Fitch said in a press release.

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