Key Developments: Devon Energy Corp (DVN.N)

DVN.N on New York Stock Exchange

26 Dec 2014
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$0.62 (+1.03%)
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Latest Key Developments (Source: Significant Developments)

Devon Energy Corp completes sale of canadian conventional assets
Wednesday, 2 Apr 2014 05:00am EDT 

Devon Energy Corp:Completes sale of Canadian conventional assets to Canadian Natural Resources Ltd for C$3.125 bln.Plans to repatriate the proceeds to the U.S. for use in the repayment of debt incurred to finance its Eagle Ford acquisition.Expects net proceeds of US$2.7 bln.  Full Article

Devon Energy Corp declares increased cash dividend for common stockholders
Wednesday, 5 Mar 2014 04:07pm EST 

Devon Energy Corp:Declares 9pct increase to its quarterly cash dividend on the company's common stock from $0.22 per share to $0.24 per share.Payable on Jun. 30 to shareholders of record as of the close of business on Jun. 13.  Full Article

Devon Energy Corp completes acquisition of Eagle Ford Assets from GeoSouthern Energy
Friday, 28 Feb 2014 03:15pm EST 

Devon Energy Corp:Says it completed its previously announced acquisition of Eagle Ford assets from GeoSouthern Energy.  Full Article

Devon Energy Corporation gives Q1 2014 production guidance - Conference Call
Thursday, 20 Feb 2014 11:00am EST 

Devon Energy Corporation:Sees Q1 2014 production to range between 556,000 and 579,000 BOEs per day.  Full Article

Devon Energy Corp announces C$3.125 billion sale of Canadian conventional assets to Canadian Natural Resources Ltd
Wednesday, 19 Feb 2014 07:00am EST 

Devon Energy Corp:Enters into a definitive agreement to sell the majority of its Canadian conventional assets to Canadian Natural Resources Ltd for C$3.125 billion, or $2.8 billion using the current exchange rate.The sale excludes the company's Horn River, Lloydminster and thermal heavy oil assets located in Canada.The transaction is expected to close early in the second quarter of 2014.  Full Article

Devon Energy Corp appoints Thomas Mitchell as CFO
Thursday, 16 Jan 2014 04:35pm EST 

Devon Energy Corp:Says that Thomas L. Mitchell will be joining the company as executive vice president and Chief Financial Officer (CFO).  Full Article

Devon Energy Corp announces first quarter cash dividend
Wednesday, 4 Dec 2013 10:17am EST 

Devon Energy Corp:Says its board of directors declared a quarterly cash dividend on company's common stock for the first quarter of 2014.Says the dividend is payable on Mar. 31, 2014 at a rate of $0.22 per share based on a record date of Mar. 14, 2014.  Full Article

Devon Energy Corp Announces Acquisition Of Eagle Ford Assets From GeoSouthern Energy
Wednesday, 20 Nov 2013 09:00am EST 

Devon Energy Corporation announced that it has reached a definitive agreement to acquire GeoSouthern Energy's assets in the Eagle Ford oil play for $6 billion in cash. The acquired assets include current production of 53,000 barrels of oil equivalent (BOE) per day and 82,000 net acres with at least 1,200 undrilled locations. The risked recoverable resource is estimated at 400 million barrels of oil equivalent, the majority of which is proved reserves. The majority of the acquired acreage is located in DeWitt County and is derisked, with at least one producing well in each drilling unit. The acquisition will be funded with a combination of cash on hand and borrowings. Devon expects to repay the borrowings with free cash flow and proceeds from the monetization of non-core assets. The transaction is subject to customary purchase price adjustments, terms and conditions, and is expected to close in the first quarter of 2014.  Full Article

Devon Energy Corp, Crosstex Energy LP And Crosstex Energy, Inc To Create New Midstream Business
Monday, 21 Oct 2013 09:00am EDT 

Devon Energy Corp, Crosstex Energy, Inc and Crosstex Energy, L.P announced the signing of definitive agreements to combine substantially all of Devon`s U.S. midstream assets with Crosstex`s assets to form a new midstream business. The new business will consist of two publicly traded entities: the Master Limited Partnership and a General Partner entity (the Master Limited Partnership and the General Partner, collectively the New Company). The transaction is expected to be immediately accretive to both Crosstex and Devon. A name for the New Company will be announced prior to the closing of the transaction. Under the terms of the definitive agreements, in exchange for a controlling interest in both the new General Partner entity and the Master Limited Partnership, Devon will contribute its equity interest in a newly formed Devon subsidiary (Devon Holdings) and $100 million in cash. Devon Holdings will own Devon`s midstream assets in the Barnett Shale in North Texas, the Cana and Arkoma Woodford Shales in Oklahoma and Devon`s interest in Gulf Coast Fractionators in Mt. Belvieu, Texas. The Master Limited Partnership and the General Partner will each own 50% of Devon Holdings. Current stockholders of Crosstex Energy, Inc. will receive one unit in the General Partner entity for each share of Crosstex Energy, Inc. they own, as well as a one-time cash payment at closing of approximately $2.00 per share or $100 million in aggregate.  Full Article

Devon Energy Corp's Subsidiary Files Registration Statement In Connection With Midstream MLP
Friday, 27 Sep 2013 08:30am EDT 

Devon Energy Corporation announced that its wholly owned subsidiary, Devon Midstream Partners, L.P., has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC). This filing relates to an initial public offering of common units in Devon Midstream Partners, L.P. representing limited partner interests. Application will be made to list the common units of Devon Midstream Partners, L.P. on the New York Stock Exchange under the symbol "DVNM."  Full Article

CORRECTED-Devon CEO Richels stepping down in July, Hager to replace

HOUSTON, Dec 3 - John Richels, the chief executive officer of Devon Energy Corp, will step down at the end of July and the Oklahoma oil and gas company's board plans to name Chief Operating Officer Dave Hager as his replacement, the company said on Wednesday.

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