Monday, April 12, 2010

Devon's Yard Sale: Gulf Properties Sold

Devon's planned sale of assets continues with news that the company has agreed to sell its Gulf of Mexico properties to Apache Corporation for $1.05 billion.  Closing is expected in June 2010. 

The Gulf properties represented the last of the major Devon assets for sale.  A few more international assets are available, but with the sale to Apache, Devon has generated $8.3 billion from the asset sales, eclipsing its expected proceeds range of $4.5 to $7.5 million.  Devon plans to use the liquidity to invest in its onshore North American assets and make its shareholders happy by deleveraging and buying back company stock.

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