General News | Deals - Acquisition, Mergers, Divestitures
Devon to Exit Canada Oil Sands / Barnett via Sale/Spin-Off; Focus on US Oil Plays
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Devon Energy Corp. is pursuing the separation of its Canadian and Barnett Shale assets as it looks to transition its focus to its U.S. onshore oil assets.
Devon will evaluate multiple methods of separating the assets, including a potential sale or spin-off. The company expects to complete the separation of its Canadian and Barnett Shale assets by the end of 2019.
Back in early 2018, Devon sold its Barnett assets in Johnson County, TX to Fleur De Lis Energy for $553MM.
Dave Hager, president and CEO, commented: "With our world-class U.S. oil resource plays rapidly building momentum and achieving operating scale, the final step in our multi-year transformation is an aggressive, transformational move that will accelerate value creation for our shareholders by further simplifying our resource-rich asset portfolio. New Devon will emerge with a highly focused U.S. asset portfolio and has the ability to substantially increase returns and profitability as we aggressively align our cost structure to expand margins with this top-tier oil business. The New Devon will be able to grow oil volumes at a mid-teens rate while generating free cash flow at pricing above $46 per barrel."
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