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Devon Energy Corp Approves Plans for MLP Spinoff-DJ

Thursday, 6 Jun 2013 08:31am EDT 

Dow Jones reported that Devon Energy Corp has approved the independent oil and gas producer's proposed formation of a publicly traded midstream company, joining a long line of energy firms that have formed master limited partnerships. The MLP is expected to initially own a minority interest in Devon's U.S. midstream business, which includes natural gas gathering and processing assets located in Texas, Oklahoma, and Wyoming. Devon will own the general partner of the MLP, all of its incentive distribution rights, and a majority of its common units following completion of the initial public offering. The Company plans to use proceeds from the initial public offering to fund its continuing operations. Devon said it expects to file its plans with the U.S. Securities and Exchange Commission during the third quarter. 

Company Quote

-1.39 -2.29%
2:49pm EST