Devon Energy Corp. introduced at present it has entered right into a definitive settlement to promote the southern portion of its Barnett shale place for $553 million. The transaction is topic to customary phrases and situations and is predicted to shut within the second quarter of 2018.

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“Combined with different latest asset gross sales, divestiture proceeds related to our 2020 Vision have now reached $1 billion,” stated Dave Hager, president and CEO. “In conjunction with this asset sale, and in step with our strategic plan, we introduced at present in a separate launch that our board has approved a $1-billion share-repurchase program and a 33% enhance in Devon’s quarterly money dividend. We are very assured about Devon’s future and, as market situations allow, we are going to proceed to pursue alternatives to additional enhance money returns to our shareholders.”

Net manufacturing from the southern Barnett divestiture belongings, which reside primarily in Johnson County, are at the moment averaging 200 MMcf of gas-equivalent per day. Field-level money movement accompanying these belongings, which excludes overhead prices, is predicted to be roughly $100 million in 2018.

The firm’s remaining place within the Barnett shale primarily resides in Denton, Wise and Tarrant counties, with present manufacturing of 680 MMcf of gas-equivalent per day. This place incorporates a list of roughly 1,500 potential places, consisting of undrilled stock and horizontal refrac alternatives.

Source: www.worldoil.com

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