Devon’s $770 million Barnett shale sale looked upon as historic

Devon Energy’s announcement this week of the $770 million divestiture of assets in North Texas produced different responses and angles in how it was covered.

In Oklahoma, it was looked upon as another move to unload less-profitable holdings of the company as Devon focused its efforts elsewhere in shale plays.

In Texas, it was an historic move as reported by the Houston Chronicle.

“The birthplace of the shale industry is losing the last of its top industry players after Devon Energy agreed to sell its remaining position in the Barnett shale for $770 million,” reported the newspaper.

As the paper pointed out, it was a significant move, considering that the Barnett Shale was first targeted with fracking and horizontal drilling by George P. Mitchell who later sold Mitchell Energy to Oklahoma City-based Devon Energy. It was a $3 billion sale accomplished in 2002.

Click here to read the entire Houston Chronicle story.