Devon Energy Corporation (NYSE:DVN) has approached Enerplus Corporation (TSX:ERF) a peer with a market value of CAD 4 billion ($3 billion), with an acquisition offer, people familiar with the matter said on February 8, 2024. Such a combination would continue the dealmaking spree seen in the North American oil patch in recent months, which has included many of Devon's rivals -- including Exxon Mobil (XOM.N), Chevron (CVX.N), and Occidental Petroleum (OXY.N), -- making major acquisitions. There is no certainty that Devon and Enerplus will negotiate a deal, the sources said, requesting anonymity because the matter is confidential.

Devon's proposed acquisition terms could not be learned. Devon declined comment. Enerplus, which is headquartered in Calgary, did not immediately respond to a request for a comment.

Enerplus shares traded up 8.6% higher at CAD 20.93 on the news. Devon Energy shares rose 2.6% to $42.39.