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.’