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Devon said on Monday it would sell producing assets in east
Texas for $525 million and in Anadarko Basin's Granite Wash area
for $310 million.
The company will also sell its royalty interests in the northern
Midland Basin in the Texas region for $139 million.
With these sales, Devon's proceeds from divestitures of natural
gas-focused assets would total $1.3 billion, Chief Executive
Dave Hager said.
"Proceeds for the entire divestiture program are well on their
way to achieving our previously announced range of $2 billion to
$3 billion in 2016," Hager said.
The company said it expected to make an announcement within the
next several weeks on the sale of its 50 percent interest in
Canada's Access Pipeline, which carries heavy oil across
northeastern Alberta.
Devon also said it was making progress toward selling more
Midland basin assets that produced an average of 25,000 barrels
of oil equivalent per day in the first quarter.
Jefferies LLC was Devon's lead financial adviser. RBC Richardson
Barr also gave Devon financial advice, while Vinson & Elkins LLP
provided legal counsel.
(Reporting by Amrutha Gayathri in Bengaluru; Editing by Maju
Samuel and Savio D'Souza)
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