Devon Energy Receives Approval for Its Sale of Assets in Brazil

abarrelfullabarrelfull wrote on 11 May 2011 08:19
Tags: bp brazil deals devon


Devon Energy Corporation (NYSE:DVN) today announced that it has received approval from the Brazilian government for the previously announced sale of its assets in Brazil to BP for $3.2 billion.

"We expect to close the transaction later this week, completing the strategic repositioning of Devon," said John Richels, Devon's president and chief executive officer. "Devon's focus is now on its highly competitive North American onshore exploration and production business."

On November 16, 2009, Devon announced plans to divest its Gulf of Mexico and international assets to focus the company on its North American onshore assets. In total, Devon is realizing roughly $8 billion of after-tax proceeds from the divestiture program, exceeding the company's initial expectation of $4.5 to $7.5 billion. With the completion of its divestiture program, Devon has emerged with sustainable organic growth opportunities, superior financial strength and enhanced per share growth.

Devon Energy Corporation is an Oklahoma City-based independent energy company engaged in oil and gas exploration and production. Devon is a leading U.S.-based independent oil and gas producer and is included in the S&P 500 Index. For additional information, visit www.devonenergy.com.


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