Devon Energy Completes Sale of Access Pipeline
October 06 2016 - 4:15PM
Business Wire
Devon Energy Corp. (NYSE: DVN) today announced that it has
completed the sale of its 50 percent ownership interest in Access
Pipeline to Wolf Midstream Inc., a portfolio company of Canada
Pension Plan Investment Board, for CAD $1.4 billion, or USD $1.1
billion. Devon also has the right to receive an incremental CAD
$150 million payment from Wolf Midstream with the sanctioning and
development of a new thermal-oil project on Devon’s Pike lease in
Alberta, Canada. The sale agreement further allows for Access
Pipeline tolls to be reduced by as much as 30 percent with the
future development of multiple projects at Pike.
With the close of Access Pipeline, Devon’s divestiture program
is now complete with total proceeds reaching USD $3.2 billion. At
least two-thirds of the sales proceeds are expected to be utilized
for debt reduction, with $1.2 billion of debt repurchased to
date.
About Devon Energy
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 press release contains forward-looking statements within
the meaning of the federal securities laws. Such statements are
subject to a number of assumptions, risks and uncertainties, many
of which are beyond the control of the Company. These risks
include, but are not limited to: whether the potential incremental
payment in the transaction is earned and paid or if there is a
related reduction in Access Pipeline tolls; the ultimate use of
proceeds from the divestitures; and the other risks identified in
the Company’s Annual Report on Form 10-K and its other filings with
the Securities and Exchange Commission. Investors are cautioned
that any such statements are not guarantees of future performance
and that actual results or developments may differ materially from
those projected in the forward-looking statements. The
forward-looking statements in this press release are made as of the
date hereof, and the Company does not undertake any obligation to
update the forward-looking statements as a result of new
information, future events or otherwise.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161006006280/en/
Devon EnergyInvestor ContactsScott Coody,
405-552-4735Chris Carr, 405-228-2496Media ContactJohn
Porretto, 405-228-7506
Devon Energy (NYSE:DVN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Devon Energy (NYSE:DVN)
Historical Stock Chart
From Apr 2023 to Apr 2024