Oklahoma City-based independent energy company Devon Energy Corp. has entered into agreements to sell all of its assets in the deepwater Gulf of Mexico, Brazil, and Azerbaijan to BP for $7 billion. The two companies also plan to form a heavy oil joint venture to develop BP's Kirby oil sands leases in Alberta, Canada.

Lime Rock Resources, acquirers and operators of producing oil and gas properties in the US, has closed two acquisitions, totaling $113 million, of working interests in oil and gas properties in Oklahoma and Texas from separate sellers.

Independent energy company Petrohawk Energy Corp. has agreed to sell its interest in the West Edmond Hunton Lime Unit Field in Oklahoma to a private company for $155 million.

Oilfield services giant Schlumberger Ltd. plans to acquire Smith International Inc. in an $11 billion stock transaction.

GE Energy Financial Services, a unit of GE, has formed partnerships to acquire West Texas natural gas and North Dakota oil and gas reserves for a total of nearly $200 million.

US Rep. Ed Markey will lead tomorrow’s US House panel hearing that will determine the outcome of the proposed merger between XTO Energy Inc. and Exxon Mobil Corp.

Newfield Exploration Co. and Anadarko Petroleum Corp. will jointly acquire TXCO Resources Inc.'s (TXCO) assets in the Maverick Basin of Southwest Texas for up to $310 million.

Anadarko Petroleum Corp. has outbid Newfield Energy for assets of TXCO Resources.

Noble Energy Inc. has agreed to purchase substantially all of the Rockies upstream assets of Petro-Canada Resources Inc. and Suncor Energy America Inc. for $494 million.