Devon Energy Announces $1 Billion Divestiture PlanDownload
Devon expects to commence the divestiture program in the second quarter of 2017 and complete the sale process over the next 12 to 18 months. The company plans to deploy divestiture proceeds toward its U.S. resource plays and to further strengthen its investment-grade financial position. The company’s non-core divestiture plan is also expected to accelerate Devon’s transition to higher-margin production.
“The successful resource expansion in our world-class STACK and
“This divestiture program, combined with our excellent liquidity and strong hedge position, supports our capital program and places us firmly on track to achieve our production growth targets in 2017 and 2018,” said Hager. “Importantly, these strategic actions provide certainty for our future capital programs and uniquely position Devon to maintain strong operational momentum through the end of the decade.”
Growing U.S. Resource Base Provides Opportunity for Additional Asset Sales
Given the depth of Devon’s resource base in North America’s best basins,
the company possesses highly-visible and sustainable growth
opportunities within its portfolio. This growth inventory is
concentrated in the STACK and
With ongoing STACK appraisal work and further testing of the Leonard and
Wolfcamp zones in the
This press release includes "forward-looking statements" as defined
Devon Energy Corp.
Scott Coody, 405-552-4735
Chris Carr, 405-228-4296
John Porretto, 405-228-7506