Transactions - JULY 31, 2017

Devon Energy announces $340m of noncore asset sales in Eagle Ford

by Released

Devon Energy Corp. has agreed to sell noncore assets in south Texas and other areas.

Combined with other minor asset sales completed across its U.S. operations, proceeds from the company’s recently announced $1 billion divestiture program have now reached $340 million.

The divested properties produced about 4,000 oil-equivalent barrels per day, and proved reserves amounted to less than 10 million oil-equivalent barrels as of Dec. 31, 2016.

The Lavaca County transaction is subject to customary terms and conditions and is expected to close by the end of 2017.

Devon has agreed to sell the Eagle Ford assets to Houston-based Penn Virginia Corp. for $205 million in cash. The deal is scheduled to close by the end of September.

Devon did not disclose details of its other assets sales.

Devon executives on May 1 announced a plan to sell $1 billion in noncore properties within 18 months and to focus the company’s drilling efforts on Oklahoma’s STACK play and southeast New Mexico’s Delaware Basin.

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