One-Page Deal Sheet
Devon Energy Announces $1.4 Billion Wolfcamp and Cline JV
Sumitomo Corp Devon Energy Corp
Announced Date
August 01,2012
Effective Date
January 01,2012
Close Date
September 27,2012
Transaction Type
JV
Enterprise Value (EV)($MM)
1400
Location
Calculated Metrics( EV/Category)
Region
Permian
Country
United States
State
Texas
Play
Calculated Metrics( EV/Category)
$/ Acre
Transaction Details: Subscribe to see
Devon Energy Corporation, announced it has signed an agreement with Sumitomo Corporation whereby Sumitomo will invest $1.4 billion in exchange for 30 percent of Devon’s interest in approximately 650,000 net acres in the Cline Shale and the Midland-Wolfcamp Shale.
“This transaction once again demonstrates the value embedded in our high-quality portfolio,” said John Richels, Devon’s president and chief executive officer. “This arrangement will materially enhance Devon’s future returns and improve our capital efficiency. It will also further enhance our financial strength. For quite some time we…
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