Newsletter 
  INSCRIPTION Inscription | ESPACE ANNONCEURS Publicité | CONTACT Contact |PLAN DU SITE Plan


Europétrole, le portail de l'industrie du pétrole
 
 accueil | actualité française | actualité internationale | recherche | interviews | focus | actualité par entreprise | actualité pétrole/gaz de schiste 
Partager :

  • Devon Energy Announces Additional USD1 Billion of Upstream Asset Sales
    édité le 07/06/2016 - Plus de news de "DEVON ENERGY" - Voir la fiche entreprise de "DEVON ENERGY"


Devon Energy Announces Additional USD1 Billion of Upstream Asset Sales
Devon Energy Corp. announced it has entered into definitive agreements with undisclosed parties to monetize nearly $1 billion of non-core upstream assets in east Texas, the Anadarko Basin and an overriding royalty interest in the northern Midland Basin. These transactions are subject to customary terms and conditions and are expected to close in the third quarter of 2016. The Company expects to incur minimal taxes associated with these transactions.

“Combined with other recent asset sales, we have now announced $1.3 billion of gas-focused upstream divestitures. As we’ve said previously, proceeds from these tax-efficient transactions will be utilized to further strengthen our investment-grade financial position,” said Dave Hager, president and CEO. “With oil prices having moved in our favor 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. 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.”

Transaction Details

The largest transaction is an agreement to divest upstream assets in east Texas for $525 million. Net production from these properties averaged 22,000 oil-equivalent barrels (Boe) per day in the first quarter of 2016, of which approximately 5 percent was oil. Field-level cash flow accompanying these assets, which excludes overhead costs, totaled $10 million in the first quarter. At Dec. 31, 2015, proved reserves associated with these properties amounted to approximately 87 million Boe.

In a separate transaction, the Company agreed to sell its non-core position in the Anadarko Basin’s Granite Wash area for $310 million. Net production associated with these properties averaged 14,000 Boe per day in the first quarter of 2016, of which 13 percent was oil. Field-level cash flow accompanying these assets, which excludes overhead costs, totaled $6 million in the first quarter. At Dec. 31, 2015, proved reserves associated with these properties amounted to 31 million Boe.

In the northern Midland Basin, Devon entered into an agreement to sell its overriding royalty interest across 11,000 net acres for $139 million. Current production from this overriding royalty interest is approximately 1,000 Boe per day. The transaction does not include the Company’s working interest across 15,000 net acres in Martin County, Texas that is being marketed separately.

Remaining Divestiture Assets

The Company continues to progress toward monetizing other non-core upstream assets in the Midland Basin. Production associated with these assets averaged approximately 25,000 Boe per day in the first quarter and includes the aforementioned 15,000 net undeveloped acres in Martin County.

Additionally, Devon is in advanced negotiations to sell its 50 percent interest in the Access Pipeline in Canada. An announcement is anticipated within the next several weeks.

Jefferies LLC acted as the lead financial advisor to Devon on the transactions. RBC Richardson Barr also acted as a financial advisor to Devon. Vinson & Elkins LLP acted as legal advisor to Devon.

About Devon Energy

Devon Energy (NYSE: DVN) is a leading independent energy company engaged in finding and producing oil and natural gas. Based in Oklahoma City and included in the S&P 500, Devon operates in several of the most prolific oil and natural gas plays in the U.S. and Canada with an emphasis on a balanced portfolio. The Company is the second-largest oil producer among North American onshore independents.


Origine : Communiqué DEVON ENERGY

Voir la fiche entreprise de "DEVON ENERGY"



Les dernières news de "DEVON ENERGY"

 
 
Emploi-Pétrole
 
Rechercher une news



française internationale








 
Les dernières news internationales


>> Toute l'actualité internationale     >> RSS
 



Europétrole © 2003 - 2025