ExxonMobil (NYSE: XOM) recently agreed to acquire Pioneer Natural Resources in a $60 billion megadeal that will reshape the U.S. oil and gas industry. The merger will create the largest producer in the prolific Permian Basin. That greater scale will help Exxon save money in the long run and enhance its investment returns.

Many expect the deal will spark a wave of mergers in the oil patch. It's already leading several oil companies to consider following in Exxon's footsteps and making an acquisition, including Devon Energy (NYSE: DVN). Here's a look at the companies Devon is mulling over and how a deal could reshape the oil specialist.

Devon Energy is no stranger to acquisitions. In 2021, it closed a $12 billion all-stock merger-of-equals transaction with WPX Energy to create a leading multibasin U.S. producer. That larger scale would enhance its returns and cash flow. The transaction also led Devon to launch the oil industry's first fixed-plus-variable dividend framework to return more of the combined company's oil-fueled cash flows to shareholders. 

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Source Fool.com