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Devon Divests All GOM, International Assets

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Published at: www.rigzone.com

Michael Lynch, Consultant

Michael LynchConsultantMichael E. Lynch What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

Devon looks at hole card, decides to consolidate operations

November 17, 2009

Devon Energy plans to reposition itself as a high-growth North American onshore company. It will divest all Gulf of Mexico and international assets. Proceeds of the sales will be used to pursue opportunities in the U.S.A. and Canada and to reduce debt. The company will open data rooms and commence divestiture in the first quarter of 2010. Process to be completed by year end 2010. Then, Devon will deliver growth funded entirely with internally generated funds.

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