Devon-PennzEnergy merger seen as favorable

The U.S. financial community has taken a generally positive view of the proposed merger of Oklahoma City's Devon Energy Corp. and Houston's PennzEnergy Co. The two companies announced a definitive merger agreement May 20 (OGJ, May 24, 1999, Newsletter). The deal would create a top-10 U.S. independent oil and gas producer. Following news of the merger, several credit-reporting agencies either upgraded both firms' credit ratings or put them on watch with positive implications. Only one ratings firm sees the deal as possibly detrimental to Devon. Standard & Poor's put Devon on watch with negative implications, although it sees the deal as potentially benefici...

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