Devon-WPX deal offers a playbook for future shale consolidation

In contrast to the bankruptcies of the past three months, Devon Energy 's $2.56 billion all-stock, low premium deal for rival WPX Energybrings together two companies with assets in a few oil-producing basins and relatively low debt levels.Investors supported the idea with a rally in shares.WPX closed up 16.4% on Monday and Devon gained 11%, buoyed by the prospect of a combined company that analysts believe would be better positioned to pay dividends and reduce debt.