Devon Energy to sell $1 billion in assets - KSWO 7News | Breaking News, Weather and Sports

Devon Energy to sell $1 billion in assets

By The Associated Press

OKLAHOMA CITY (AP) - Devon Energy Corp. plans to sell off $1 billion worth of assets to focus more on drilling in Oklahoma, west Texas and New Mexico.

The company said on Tuesday that the sales are expected to be completed during the next 18 months and will include part of its holdings in the Barnett Shale in north Texas.

Central and southern Oklahoma's Sooner Trend Anadarko Basin Canadian and Kingfisher counties fields and west Texas and New Mexico's Delaware Basin now will be Devon's focus, the company said.

CEO Dave Hager said in a statement the sales will help Devon concentrate on the highest-returning growth inventory in its portfolio.

Devon on Tuesday also reported first-quarter net income of $565 million after reporting a loss in the same period a year earlier.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Local NewsNewsMore>>

  • Brady leads Patriots back to Super Bowl, top Jaguars 24-20

    Brady leads Patriots back to Super Bowl, top Jaguars 24-20

    Sunday, January 21 2018 6:27 PM EST2018-01-21 23:27:41 GMT
    Sunday, January 21 2018 9:11 PM EST2018-01-22 02:11:19 GMT
    Tom Brady threw a 4-yard touchdown pass to Danny Amendola with 2:48 remaining to rally the New England Patriots back to the Super Bowl.
    Tom Brady threw a 4-yard touchdown pass to Danny Amendola with 2:48 remaining to rally the New England Patriots back to the Super Bowl.
  • Despite shutdown, troops get football, Lady Liberty to open

    Despite shutdown, troops get football, Lady Liberty to open

    Sunday, January 21 2018 12:46 AM EST2018-01-21 05:46:44 GMT
    Sunday, January 21 2018 9:10 PM EST2018-01-22 02:10:22 GMT

    Visiting the Statue of Liberty deemed a non-essential service during government shutdown that splits the must-have and the can-waits.

    Visiting the Statue of Liberty deemed a non-essential service during government shutdown that splits the must-have and the can-waits.

  • Afghan forces end Taliban siege at Kabul hotel; 18 dead

    Afghan forces end Taliban siege at Kabul hotel; 18 dead

    Saturday, January 20 2018 11:46 PM EST2018-01-21 04:46:45 GMT
    Sunday, January 21 2018 9:10 PM EST2018-01-22 02:10:17 GMT

    An Afghan official says that at least five civilians have been killed after gunmen attacked the Intercontinental Hotel in the capital Kabul.

    An Afghan official says that at least five civilians have been killed after gunmen attacked the Intercontinental Hotel in the capital Kabul.

Powered by Frankly