OKLAHOMA CITY, Aug 16, 2010 (BUSINESS WIRE) --
Devon Energy Corporation (NYSE:DVN) today announced that it has
completed the sale of its ACG field located offshore Azerbaijan in the
Caspian Sea to BP for $2 billion. Devon's current production from the
ACG field is approximately 17 thousand barrels of oil per day.
"With the close of ACG, we have received aggregate pre-tax proceeds from
the Gulf of Mexico and International divestitures of approximately $6.7
billion," said John Richels, Devon's president and chief executive
officer. "The strategic repositioning we announced last November is
expected to be complete around year-end with the close of our assets in
Brazil."
Devon Energy Corporation is an Oklahoma City-based independent energy
company engaged in oil and gas exploration and production. Devon is a
leading U.S.-based independent oil and gas producer and is included in
the S&P 500 Index. For additional information, visit www.devonenergy.com.
This press release includes "forward-looking statements" as defined
by the Securities and Exchange Commission. Such statements are those
concerning strategic plans, expectations and objectives for future
operations. All statements, other than statements of historical facts,
included in this press release that address activities, events or
developments that the company expects, believes or anticipates will or
may occur in the future are forward-looking statements. 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 volatility of oil, natural gas and NGL prices;
political, economic or public policy changes; uncertainties inherent in
estimating oil, natural gas and NGL reserves; drilling risks; and
environmental risks. 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 of this press release, even if
subsequently made available by Devon on its website or otherwise. Devon
does not undertake any obligation to update the forward-looking
statements as a result of new information, future events or otherwise.
SOURCE: Devon Energy Corporation
Devon Energy Corporation
Investor Contact
Shea Snyder, 405-552-4782
or
Media Contact
Chip Minty, 405-228-8647