Oklahoma City-based Devon Energy announced it has completed a more than $3 billion sale of its ownership interests in EnLink Midstream Partners, LLP and EnLink Midstream LLC.
The total sale was $3.125 billion to affiliates of the independent infrastructure fund Global Infrastructure Partners.
Devon said with the closing of the transaction, the financial results of EnLink Midstream will no longer be consolidated with Devon’s upstream business. The company also stated that historical results related to EnLink will be presented as discontinued operations in the company’s consolidated financial statements.
Devon previously said its board of directors had authorized an increase in the company’s share-repurchase program to $4 billion as a result of the sale. With the increased authorization, the company plans to utilize an accelerated share-repurchase program.
Further details of the initiative will be provided in the second-quarter earnings information.
