Devon Energy Corp (NYSE:DVN) on Monday revealed it is already a third of the way through its planned US$1bn asset sales programme, as it sold non-core US shale assets.
The divested assets, located in Lavaca county, account for some 4,000 barrels oil equivalent production per day (with some 60% comprising of oil), but, had less than 10mln barrels of proved reserves.
Proceeds from asset sales now amount to US$340mln, Devon said in a statement.
“These highly-accretive asset sales are an important step in executing on our $1 billion divestiture program over the next year,” said Dave Hager, Devon chief executive.
“The divestiture proceeds will further strengthen our investment-grade financial position and provide us additional flexibility to build operational momentum across our top-tier U.S. resource plays.”
Devon announced its divestment programme in early May, and the Lavaca deal is expected to close by the end of this year.