Permian Resources completed around 250 bolt-on and grassroots transactions during Q3 2025, adding 5,500 net leasehold acres, 2,400 net royalty acres, and 800 boe/d of production for $180 million. Nearly all of the deals targeted northern Delaware (New Mexico), extending its core position to over 475,000 acres.
Devon Energy, meanwhile, completed two Delaware Basin lease acquisitions for $168 million, adding 60 new drilling locations. The company also acquired full ownership of the Cotton Draw Midstream system for $260 million, securing long-term control of its regional gas infrastructure network.
Why It Matters
The coordinated expansion by Devon and Permian Resources highlights two distinct but complementary paths of consolidation in the Delaware Basin. Using Rextag Energy DataLink, users can analyze M&A activity from multiple perspectives—here, the maps illustrate both acreage and infrastructure integration (Permian Resources) and operational well consolidation (Devon Energy).
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Integrated expansion – Both companies are connecting new acreage directly with owned or partner gathering systems and gas plants.
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Operational efficiency – Bolt-on deals align with existing well corridors, improving lateral continuity and development economics.
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Midstream control – Devon’s full Cotton Draw acquisition and Permian’s regional tie-ins to Targa and Enterprise assets enhance processing and takeaway flexibility.
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Growth focus – Combined 2025 investments exceeded $1 billion, largely centered in New Mexico’s Delaware sub-basin.
What the Maps Show
In Rextag Energy DataLink, the two maps demonstrate different analytical views of consolidation within the same region:
Left Map (Permian Resources) – Focuses on acreage integration and midstream access. Displays core and bolt-on acreage overlaid with gathering pipelines and processing plants operated by Targa, Enterprise, Devon JV, Kinetik, Western Midstream, Brazos, and Crestwood.
Right Map (Devon Energy) – Focuses on production and well density. Highlights oil and gas wells (active, drilling, permitted) within the Bone Spring/Wolfcamp formations, representing Devon’s operational footprint linked to its Cotton Draw Midstream system.
Together, the pair illustrates how both operators are deepening integration between upstream development and midstream infrastructure, transforming acreage consolidation into connected production corridors.
A Deeper Dive with DataLink
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Filter acreage layers to distinguish legacy versus bolt-on holdings by operator.
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Overlay pipeline networks to trace gathering and processing connectivity.
- Analyze well status to assess active development patterns and operational intensity.
By showcasing these complementary views, Rextag Energy DataLink enables users to evaluate consolidation from multiple angles—whether through land and infrastructure expansion or through active production mapping—offering a full picture of how M&A continues to reshape the Delaware Basin.
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