Devon sells USD 1 billion worth of assets

Devon Energy is liquidating assets worth up to USD 1 billion, the company said in a statement today.

The sale includes assets in east Texas worth USD 525 million and facilities in the Anadarko Basin’s Granite Wash area worth USD 310 million, to be sold to undisclosed buyers. The east Texas properties produced 22,000 bopd in Q1 2016 and have proven reserves of 87 million boe. The Granite Wash operations generated 14,000 bopd in the same time period and have proven reserves of 31 million boe.

“With oil prices having moved in our favour throughout the sales process, we are encouraged by the interest and progress in marketing our remaining non-core oil assets in the Midland Basin and Access Pipeline in Canada,” Dave Hager, CEO of the company, said. “Proceeds for the entire divestiture program are well on their way to achieving our previously announced range of USD 2 billion to USD 3 billion in 2016.”