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Cautionary Note to Investors - The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that have been demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. From time to time, we use certain terms on this website, such as resource potential, reserve potential, probable resources, possible resources, contingent resources, prospective resources and exploration target size. SEC guidelines strictly prohibit us from including these terms in filings with the SEC. Investors are urged to consider closely the disclosure in our Form 10-K, File No. 001-32318, available at Devon Energy Corporation, Attn. Investor Relations, 333 West Sheridan Ave, Oklahoma City, OK 73102. You can also obtain this form from the SEC by calling 1-800-SEC-0330.

Information contained in this website is provided solely for convenience and the documents contained herein are historical in nature. Therefore, events following the date of publication or subsequently available information may have rendered obsolete the estimates, assertions or other information contained in these documents. The information is provided without warranty of any kind and Devon Energy Corporation and its employees and representatives expressly disclaim all liability from any costs, damages or consequences of any type that may result from the reliance on information obtained from this Internet Web site or any Internet Web site hereto linked.

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DVN26.80-0.85-3.07%Volume: 7,598,194July 16, 2019

Stock Quote: NYSE

As of July 16, 2019 4:01 PM EST Pricing delayed 20 minutes
Last 26.80
Change -0.85
Volume 7,598,194
% Change -3.07%
52 Week High 45.61
52 Week Low 20.37

Devon Energy Announces $340 Million of Non-Core Asset Sales

Jul 31, 2017

OKLAHOMA CITY--(BUSINESS WIRE)-- Devon Energy Corp. (NYSE: DVN) announced today it has entered into a definitive agreement to monetize its Lavaca County assets in the Eagle Ford play. 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 Lavaca County transaction is subject to customary terms and conditions and is expected to close by the end of 2017.

“These highly-accretive asset sales are an important step in executing on our $1 billion divestiture program over the next year,” said Dave Hager, president and CEO. “The divestiture proceeds will further strengthen our investment-grade financial position and provide us additional flexibility to build operational momentum across our top-tier U.S. resource plays.”

In aggregate, net production from the divested properties averaged approximately 4,000 oil-equivalent barrels (Boe) per day (60 percent oil). Field-level cash flow accompanying these assets, which excludes overhead costs, is projected to approximate $30 million annually. Proved reserves associated with these properties amounted to less than 10 million Boe at Dec. 31, 2016. The company expects to incur minimal taxes associated with these transactions.

Efforts to monetize Devon’s Johnson County properties in the Barnett Shale are progressing. The Johnson County assets represent approximately 20 percent of the company’s Barnett Shale net production and cash flow. Devon is actively marketing these assets and expects to complete its non-core divestiture program over the next year.

RBC Richardson Barr acted as a financial advisor to Devon on the Lavaca County transaction.

About Devon Energy

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 press release contains forward-looking statements within the meaning of the federal securities laws. 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 failure to consummate the transaction due to unsatisfied closing conditions or otherwise; the timing, amount of proceeds and ultimate success of divesting the Company’s other non-core assets; and the other risks identified in the Company’s Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission. 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 hereof, and the Company 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 Contacts

Scott Coody, 405-552-4735

Media Contact

John Porretto, 405-228-7506

Chris Carr, 405-228-2496

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IR Contacts

Email:
investor.relations@dvn.com

Scott Coody
Vice President, Investor Relations
405-552-4735

Chris Carr
Supervisor, Investor Relations
405-228-2496

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333 West Sheridan Avenue

Oklahoma City, Oklahoma 73102-5015