OKLAHOMA CITY, May 10, 2011 (BUSINESS WIRE) --
Devon Energy Corporation (NYSE:DVN) today announced that it has received
approval from the Brazilian government for the previously announced sale
of its assets in Brazil to BP for $3.2 billion.
"We expect to close the transaction later this week, completing the
strategic repositioning of Devon," said John Richels, Devon's president
and chief executive officer. "Devon's focus is now on its highly
competitive North American onshore exploration and production business."
On November 16, 2009, Devon announced plans to divest its Gulf of Mexico
and international assets to focus the company on its North American
onshore assets. In total, Devon is realizing roughly $8 billion of
after-tax proceeds from the divestiture program, exceeding the company's
initial expectation of $4.5 to $7.5 billion. With the completion of its
divestiture program, Devon has emerged with sustainable organic growth
opportunities, superior financial strength and enhanced per share growth.
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