With the completion of its $1.1 billion sale of its 50% ownership interest in Access Pipeline, Devon Energy expects the proceeds to beef up its investment-grade balance sheet.
It also means the investments will put the Oklahoma City-based energy company in a position to get higher benefits from the STACK and other resource-rich U.S. areas.
The sale was announced last summer to Wolf Midstream Inc. The recent completion of the sale also resulted in Devon reaching its asset sale goal for 2016. The goal was to unload non-core assets worth $2 billion to $3 billion this year and the $1.1 billion sale of the company’s share in Access Pipeline bumped its divesture target to $3.2 billion.