Plus   Neg

Devon Energy Announces Sale Of Johnson County Assets - Quick Facts

Devon Energy Corp. (DVN) announced the company has entered into a definitive agreement to sell the southern portion of its Barnett Shale position for $553 million. Net production from the southern Barnett divestiture assets, which reside primarily in Johnson County, are currently averaging 200 million cubic feet of gas-equivalent per day.

"Combined with other recent asset sales, divestiture proceeds associated with our 2020 Vision have now reached $1.0 billion," said Dave Hager, CEO.

Separately, Devon Energy announced that its board approved a 33 percent increase in its quarterly common stock dividend beginning in the second quarter of 2018. The new quarterly dividend rate will be $0.08 per share. The increased dividend is payable on June 29, 2018 to shareholders of record as of the close of business on June 15, 2018.

Devon also announced its board authorized a $1.0 billion share-repurchase program of the company's common stock over the next year. At the current share price, the program covers approximately 6 percent of the company's outstanding common stock.

The company separately announced a tender offer to purchase certain of its debt securities up to a maximum repurchase amount of $1.0 billion. The tender offers are being made to reduce the company's outstanding debt, including the debt of its subsidiaries. Devon Energy expects to fund the tender offers with cash flow generated from operations and the net proceeds from previously completed asset sales and financing transactions.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Starbucks wants to be more efficient but it is risking the fragile loyalty of its most devoted customers. The ubiquitous chain plans a major push to get coffee lovers to use its mobile app to place their orders, but regulars prefer to buy their lattes by waiting in the queue. According to reports,... Taco Bell, the Mexican fast-food chain owned by Yum Brands Inc. (YUM), Thursday said it will start selling tortilla chips in grocery and convenience stores starting May. The chips will be available in Fire and Mild sauce packet flavors and also in a Classic flavor. "This launch of our first line... Meredith Corp. said Wednesday that it has decided to explore the sale of its Time, Sports Illustrated, Fortune, and Money brands. In addition, the company will cut 1,000 jobs over the next ten months as part of its plan to realize cost synergies from its acquisition of Time Inc. Further, Meredith has notified about 200 employees that their positions have been eliminated.
comments powered by Disqus
Follow RTT