OKLAHOMA CITY--(BUSINESS WIRE)--
Devon Energy Corporation (NYSE: DVN) ("Devon" or the "Company")
announced today that it intends to commence a registered public offering
of 55,000,000 shares of its common stock, subject to market conditions.
The Company also expects to grant the underwriters an option to purchase
up to 8,250,000 additional shares of stock at the underwriters’
election. Net proceeds from the offering are expected to be used for
general corporate purposes, including bolstering the Company’s liquidity
position, reducing indebtedness and funding the Company’s capital
program.
Goldman, Sachs & Co. is acting as book-running manager for the offering.
The offering will be made only by means of a preliminary prospectus
supplement and the accompanying base prospectus, copies of which may be
obtained for free by visiting EDGAR on the SEC website at www.sec.gov.
Before you invest, you should read the prospectus, the preliminary
prospectus supplement and other documents Devon has filed with the SEC
for more complete information about the issuer and the offering.
Alternatively, copies of the prospectus and the preliminary prospectus
supplement relating to the offering may be obtained from Goldman,
Sachs & Co., c/o Prospectus Department, 200 West Street, New York, NY
10282, by calling (866) 471-2526 or by email at prospectus-ny@ny.email.gs.com.
About Devon Energy Corporation
Devon Energy is a leading independent energy company engaged in finding
and producing oil and natural gas. Based in Oklahoma City and included
in the S&P 500, Devon operates in several of the most prolific oil and
natural gas plays in the U.S. and Canada with an emphasis on a balanced
portfolio. The Company is the second-largest oil producer among North
American onshore independents. For more information, please visit www.devonenergy.com.
Forward-Looking Statements
This news release contains statements about future events and
expectations, or "forward-looking statements," all of which are
inherently uncertain. These forward-looking statements are based on
management's current expectations and assumptions and not on historical
facts. Examples of these statements include, but are not limited to, our
ability to complete the offering and the anticipated use of proceeds
from the offering. These forward-looking statements are subject to a
number of risks and uncertainties that could cause actual results to
differ materially from those indicated in such forward-looking
statements, including prevailing market conditions and other factors.
For more information about potential risk factors that could affect
Devon and its results, we refer you to the information contained in the
prospectus and prospectus supplement for the offering and the risk
factors summarized in our Form 10-K for the year ended December 31,
2015. Devon undertakes no obligation to update the information contained
in this press release to reflect subsequently occurring events or
circumstances.
This press release is neither an offer to sell nor a solicitation of an
offer to buy any securities, nor shall there be any sale of any such
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. A registration statement relating to the securities has
been filed and became effective December 12, 2014.
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Source: Devon Energy Corporation