Activist Toms Capital Pushes Devon to Sell Itself; Marcellus in Play
An activist hedge fund that has been quietly leaning on Devon Energy since June has now put its demands in writing, and it's asking for a lot more. Toms Capital Management sent Devon a letter earlier this month urging the company to explore "strategic alternatives, including a sale." In other words, sell the whole company, not just a few pieces. Toms says it's now one of Devon's five largest shareholders. Why do we care here in Appalachia? When Devon swallowed Coterra Energy in May, it got the old Cabot Oil & Gas Marcellus position in Susquehanna County along with it. If Devon itself gets sold, the future of that NEPA gas acreage (and the royalty checks it generates) is up for grabs.To view this content, log into your member account. (Not a member? Join Today!)