Posted on February 21, 2019.
DEVON TO SELL LOCAL ASSETS – Devon Energy Corp. announced Tuesday it plans to sell its Barnett Shale and Canadian assets to complete its transformation to a high-return U.S. oil growth business. A press release states the move will allow the company to focus on its top-tier, high-return U.S. oil assets and is aligned with the company’s previously announced long-term plan. The company expects to complete the sale by the end of 2019. President and CEO Dave Hager told The Oklahoman if no buyers make a deal, Devon intends to spin them off into separate entities. The board of directors also authorized a $1 billion increase to the company’s previously announced $4 billion share-repurchase program, bringing the total repurchase program to $5 billion. “Devon is taking aggressive, meaningful and decisive steps to improve our operational and corporate cost structure,” said Jeff Ritenour, executive vice president and chief financial officer. Devon entered the Barnett Shale in 2002 when it acquired Mitchell Energy, which had pioneered the use of hydraulic fracturing to produce natural gas from shale. Read more in the weekend Messenger on newsstands Saturday.
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