Devon Energy (DVN) and WPX Energy (WPX) have agreed to combine in an all-stock merger of equals transaction creating one of the largest unconventional oil producers in the U.S. with production of 277,000 barrels per day. This results in an enterprise value for the combined entity of approximately $12 billion. Devon shareholders will own approximately 57% and WPX shareholders will own approximately 43% of the combined company.

The combined company, named Devon Energy, will be headquartered in Oklahoma City. The combined company's executive team will include Jeff Ritenour as chief financial officer.