Wednesday, January 30, 2013

Devon to Sell its Tuscaloosa Acreage

Devon Energy is selling its acreage in the Tuscaloosa Marine Shale, likely as part of a strategic shift.  The company owns around 208,000 net acres (after Sinopec JV) in the play but has drilled only eight wells.  It is also selling its nearly 250,000 acres in the Utica Shale.

3 comments:

Anonymous said...

Aren't they selling some Permian assets as well. What will they do with all this cash?
Also, would love to hear your thoughts on Devon's James Lime condensate rich wells in East Texas?

Robert Hutchinson said...

I think it is more of a refocusing, so the cash likely will be put in different projects. I don't think they are selling in the Permian, but I don't have any particular insight.

I have to plead ignorance on their James Lime wells. I haven't been following that activity.

Anonymous said...

Devon is offering 8k net acres in Andrew and Gaines Counties and 33k net acres in Culberson Counties. Not as many acres obviously as their TMS acreage but still another sale. Curious? Can't wait for the quarterly conference call.