Devon Energy (DVN) President Sees Total Asset Sales At $7.5-$8.3 Billion
March 11, 2010 2:06 PM
The sale of offshore, and international assets at Devon Energy Corporation (NYSE: DVN) is expected to top the company’s previous estimates.
Devon Corporation President John Richels said in a conference call with investors that the asset sale will exceed the top end of the company’s previous guidance. The company had announced about the plans to divest its offshore and international assets in November.
The divesture is part of the company’s effort to reposition itself as high-growth onshore North American oil and gas company. The company’s initial estimates from the sale of assets were of $.5-$7.5 billion. Devon Energy plans to use the proceeds from the asset sale to shore up oil and gas exploration, buy back shares, and reduce debt.
Shares of Devon Energy were up 1.06% to $72.45 at 1.01 p.m. on Thursday in New York.
