Devon Energy to sell some U.S. assets

OKLAHOMA CITY (AP) _ Devon Energy Corp. said Monday it agreed to divest substantially all of its non-core U.S. assets in a bid to sharpen the focus of its main businesses. <br/><br/>The deal is expected

Monday, April 4th 2005, 11:22 am

By: News On 6

OKLAHOMA CITY (AP) _ Devon Energy Corp. said Monday it agreed to divest substantially all of its non-core U.S. assets in a bid to sharpen the focus of its main businesses.

The deal is expected to bring Devon Energy gross proceeds of $1.2 billion, or $915 million after taxes. Specific terms weren't disclosed.

These agreements cover multiple packages of properties located onshore and offshore in the United States. One of the transactions was closed on March 31, and the company expects the remaining transactions to be completed by April 30.

``The expected divestiture proceeds are at the high end of the range we anticipated,'' said Chief Financial Officer Brian J. Jennings in a statement. ``After the divestitures, our property base will be more tightly focused and have a longer reserve life.''

The company is also divesting non-core oil and gas properties located in Canada, and will provide more details on that sale at a later date.