Devon Energy (NYSE: DVN) has struck out on several potential acquisition opportunities over the past year. However, the company finally found a deal to its liking in July, agreeing to buy Grayson Mill Energy for $5 billion. The highly accretive transaction is a strong strategic fit for the oil company.

The oil producer is working to close the deal by the end of the third quarter. Given that timing, it should provide the oil stock with lots of momentum heading into 2025. Here's why it expects the deal will pay big dividends for investors in 2025 and beyond.

Devon Energy recently reported its second-quarter results and held a conference call with investors. The company's Grayson Mill Energy acquisition was a key topic of conversation on that call. CEO Rick Muncrief stated, "We also took important steps to strengthen the quality and depth of our asset portfolio with the accretive acquisition of Grayson Mill."

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Source Fool.com