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BRIEF-Devon Energy sharpens focus on core assets

Published 2015-12-07, 06:12 a/m
© Reuters. BRIEF-Devon Energy sharpens focus on core assets
DVN
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Dec 7 (Reuters) - Devon Energy Corp (N:DVN) DVN.N :
* Sharpens focus on core assets
* Deal for $1.9 billion
* Says commences divestiture program with targeted proceeds of $2 to $3 billion
* Company has also agreed to acquire 253,000 net acres in the powder river
basin for $600 million
* Agreed to acquire 80,000 net surface acres, with up to 10 prospective zones,
in the Anadarko basin stack play
* Says transactions will be funded with approximately $1.35 billion of Devon
equity issued to sellers
* EnLink Midstream agreed to acquire tall oak midstream, a portfolio company
for encap flatrock midstream, for $1.55 billion
* Transactions will also be funded with approximately $1.15 billion of cash on
hand and borrowings
* Says acquired properties in stack play include production of approximately
9,000 oil-equivalent barrels (boe) per day
* To acquire 80,000 net surface acres, with up to 10 prospective zones, in the
Anadarko basin stack play from privately held felix energy
* Based on estimated value of existing daily production in excess of $300
million, estimates it is paying about $20,000 per surface acre
* Says identified 50,000 to 80,000 boe per day of production from non-core
assets to divest throughout 2016
* devon energy dvn.n - enlink midstream agreed to acquire tall oak
midstream, a portfolio company for encap flatrock midstream, for $1.55
billion

* Source text for Eikon ID:nBwbp0LW4a

* Further company coverage DVN.N

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