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UPDATED 1 Sept: The EI library in London is temporarily closed to the public, as a precautionary measure in light of the ongoing COVID-19 situation. The Knowledge Service will still be answering email queries via email , or via live chats during working hours (09:15-17:00 GMT). Our e-library is always open for members here: eLibrary , for full-text access to over 200 e-books and millions of articles. Thank you for your patience.
Devon Energy announces $2.3bn sale of US non-core assets
Devon Energy is to sell all of its non-core US oil and gas properties to Linn Energy for $2.3bn. The agreement covers Devon’s remaining assets targeted for divestiture and includes properties in the Rockies, onshore Gulf Coast, and Mid-Continent regions of the US.
‘With the sale of our remaining non-core assets, the portfolio transformation that we announced late last year is now complete,’ said John Richels, President and Chief Executive Officer. ‘In a short period of time we transformed our portfolio through three significant steps: the accretive Eagle Ford entry, the innovative creation of EnLink Midstream, and the sale of our non-core properties. The sale of Canadian and US non-core properties over the past few months has generated in excess of $5bn of proceeds at an accretive multiple of nearly seven times 2013 EBITDA.’
