OKLAHOMA CITY (AP) — Devon Energy Corp. plans to sell off $1 billion worth of assets to focus more on drilling in Oklahoma, west Texas and New Mexico.
The company said on Tuesday that the sales are expected to be completed during the next 18 months and will include part of its holdings in the Barnett Shale in north Texas.
Central and southern Oklahoma’s Sooner Trend Anadarko Basin Canadian and Kingfisher counties fields and west Texas and New Mexico’s Delaware Basin now will be Devon’s focus, the company said.
CEO Dave Hager said in a statement the sales will help Devon concentrate on the highest-returning growth inventory in its portfolio.
Devon on Tuesday also reported first-quarter net income of $565 million after reporting a loss in the same period a year earlier.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Con artists selling water filters target Mesa neighborhood
- Main Street Minute: Chompie’s Deli to offer holiday bread at Costco
- Arizona film office working to lure production companies for keeps
- Jake LaMotta, boxer who inspired ‘Raging Bull,’ dies at 95
- Trump: GOP health bill short of votes before deadline