Devon Energy Announces $215 Million Sale of Non-Core Delaware Basin Acreage
August 14 2018 - 4:10PM
Business Wire
Devon Energy Corp. (NYSE: DVN) announced today it has entered
into a definitive agreement to sell 9,600 net acres of non-core
Delaware Basin acreage in Ward and Reeves County to Carrizo Oil and
Gas for $215 million. Net production from these properties is
approximately 2,500 oil-equivalent barrels per day (60 percent
oil). The transaction is expected to close in the fourth quarter of
2018, subject to customary terms and conditions.
With this transaction, total proceeds from Devon’s divestiture
program have now reached $4.4 billion. The company expects to
monetize additional minor, non-core assets across the United States
by year-end. These divestiture packages include enhanced oil
recovery projects in the Midland Basin and Rockies along with Wise
County acreage in the Barnett Shale.
Jefferies LLC acted as the financial advisor to Devon on the
transaction. Vinson & Elkins acted as legal advisor to
Devon.
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 achieving strong returns and capital-efficient cash
flow growth. 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: the delay or failure to consummate
the transaction due to unsatisfied closing conditions or otherwise;
the amount of proceeds received due to purchase price adjustments
and other factors, and the ultimate use of those proceeds; 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
(SEC). 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180814005707/en/
Devon Energy CorporationInvestor ContactsScott Coody,
405-552-4735Chris Carr, 405-228-2496Media ContactJohn
Porretto, 405-228-7506
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