Devon Energy To Sell Barnett Shale Chunk For $553 Million

Devon Energy Corp. (NYSE: DVN) propelled itself past a $1 billion divestment goal set less than a year ago with an agreement on March 7 to sell a chunk of assets in the Barnett Shale. Devon said an undisclosed company agreed to buy the southern portion of its Barnett Shale position, primarily in Johnson County, Texas, for $553 million. Net production from the assets currently averages 200 million cubic feet of gas-equivalent per day (MMcfe/d). In conjunction with the asset sale, President and CEO Dave Hager said the Devon board has authorized a $1 billion share-repurchase program and a 33% increase to the company's quarterly cash dividend.
Source: Daily Dose of ShaleDirectories.com News

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