Devon Energy Corp. (NYSE: DVN) announced today it has entered into a definitive agreement to sell 9,600 net acres of non-core Delaware Basin acreage in Ward and Reeves County to Carrizo Oil and Gas for $215 million. Net production from these properties is approximately 2,500 oil-equivalent barrels per day (60 percent oil). The transaction is expected to close in the fourth quarter of 2018, subject to customary terms and conditions.
With this transaction, total proceeds from Devon’s divestiture program have now reached $4.4 billion. The company expects to monetize additional minor, non-core assets across the United States by year-end. These divestiture packages include enhanced oil recovery projects in the Midland Basin and Rockies along with Wise County acreage in the Barnett Shale.
Jefferies LLC acted as the financial advisor to Devon on the transaction. Vinson & Elkins acted as legal advisor to Devon.
Devon Energy is a leading independent energy company engaged in finding and producing oil and natural gas. Based in Oklahoma City and included in the S&P 500, Devon operates in several of the most prolific oil and natural gas plays in the U.S. and Canada with an emphasis on achieving strong returns and capital-efficient cash flow growth.
