Devon Energy Corporation Prices Upsized Offering of Common Stock
February 17 2016 - 9:05PM
Business Wire
Devon Energy Corporation (NYSE: DVN) ("Devon" or the "Company")
announced today that it has priced an upsized public offering of
69,000,000 shares of its common stock at a price to the public of
$18.75 per share. Net proceeds from the offering are expected to be
used for general corporate purposes, including bolstering the
Company’s liquidity position, reducing indebtedness and funding the
Company’s capital program. The Company has also granted the
underwriters an option to purchase up to an additional 10,350,000
shares of its common stock at the underwriters’ election. The
offering is expected to close on February 22, 2016, subject to
customary closing conditions.
Goldman, Sachs & Co. is acting as book-running manager
for the offering. The offering will be made only by means of a
preliminary prospectus supplement and the accompanying base
prospectus, copies of which may be obtained for free by visiting
EDGAR on the SEC website at www.sec.gov. Before you invest, you
should read the prospectus, the preliminary prospectus supplement
and other documents Devon has filed with the SEC for more complete
information about the issuer and the offering. Alternatively,
copies of the prospectus and the preliminary prospectus supplement
relating to the offering may be obtained from Goldman,
Sachs & Co., c/o Prospectus Department, 200 West Street,
New York, NY 10282, by calling (866) 471-2526 or by email at
prospectus-ny@ny.email.gs.com.
About Devon Energy Corporation
Devon Energy is a leading independent energy company engaged in
finding and producing oil and natural gas. Based in Oklahoma City
and included in the S&P 500, Devon operates in several of the
most prolific oil and natural gas plays in the U.S. and Canada with
an emphasis on a balanced portfolio. The Company is the
second-largest oil producer among North American onshore
independents. For more information, please visit
www.devonenergy.com.
Forward-Looking Statements
This news release contains statements about future events and
expectations, or "forward-looking statements," all of which are
inherently uncertain. These forward-looking statements are based on
management's current expectations and assumptions and not on
historical facts. Examples of these statements include, but are not
limited to, our ability to complete the offering and the
anticipated use of proceeds from the offering. These
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially
from those indicated in such forward-looking statements, including
prevailing market conditions and other factors. For more
information about potential risk factors that could affect Devon
and its results, we refer you to the information contained in the
prospectus and prospectus supplement for the offering and the risk
factors summarized in our Form 10-K for the year ended
December 31, 2015. Devon undertakes no obligation to update
the information contained in this press release to reflect
subsequently occurring events or circumstances.
This press release is neither an offer to sell nor a
solicitation of an offer to buy any securities, nor shall there be
any sale of any such securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction. A registration statement relating to the
securities has been filed and became effective December 12,
2014.
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version on businesswire.com: http://www.businesswire.com/news/home/20160217006724/en/
Devon Energy CorporationInvestor ContactsHoward Thill,
405-552-3693Scott Coody, 405-552-4735Shea Snyder,
405-552-4782Media ContactJohn Porretto, 405-228-7506
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