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.
This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission. Such statements are those concerning strategic plans, expectations and objectives for future operations. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. These risks include, but are not limited to the volatility of oil, natural gas and NGL prices; political, economic or public policy changes; uncertainties inherent in estimating oil, natural gas and NGL reserves; drilling risks; and environmental risks. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The forward-looking statements in this press release are made as of the date of this press release, even if subsequently made available by Devon on its website or otherwise. Devon does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise.
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