Devon Energy spent $2.5B on federal land leases in New Mexico and Texas, driving a record $4B auction by the BLM.
Devon Energy secured $2.5 billion in drilling rights during a U.S. Bureau of Land Management auction, pushing total sales to a record $4 billion. The auction covered 74 parcels across federal lands in New Mexico and Texas.
The $4 billion total surpasses previous auctions, reflecting heightened demand for domestic energy production. The BLM’s sale included 33,530 acres, with Devon Energy accounting for over 60% of the total expenditure.
No immediate market reaction was reported following the auction results.