Key Developments: Devon Energy Corp (DVN)
54.13USD
19 Jun 2013
$-1.17 (-2.12%)
$55.30
$55.26
$55.47
$54.12
2,951,074
3,277,167
$63.95
$50.81
Latest Key Developments (Source: Significant Developments)
Devon Energy Corp Approves Plans for MLP Spinoff-DJ
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. Full Article
Devon Energy Corp Announces Third Quarter Cash Dividend for Common Stockholders
Devon Energy Corp announced that Board Of Directors declared a quarterly cash dividend on Devon`s common stock for the third quarter of 2013. The dividend is payable on September 30, 2013 at a rate of $0.22 per share based on a record date of September 13, 2013. Full Article
Devon Energy Corp Increases Cash Dividend for Common Stockholders
Devon Energy Corp announced that its Board of Directors has approved a 10% increase to its quarterly cash dividend on the Company`s common stock from $0.20 per share to $0.22 per share. The increase is effective with the dividend payable on June 28, 2013 to shareholders of record as of the close of business on June 14, 2013. Full Article
Devon Energy Corp Announces Retirement Of Chairman-Form 8-K
Devon Energy Corp reported in its Form 8-K that on December 7, 2012, J. Larry Nichols, Executive Chairman of the Board of Directors (Board) of Devon Energy Corporation (Company), in accordance with the previously disclosed succession plan, provided the Company with notice of his intent to retire as an employee of the Company effective December 31, 2012. Mr. Nichols will continue to serve as a Director and the Executive Chairman of the Company’s Board and will continue to perform all of the responsibilities associated with those positions. Full Article
Devon Energy Corp Announces First Quarter Cash Dividend For Common Stockholders
Devon Energy Corp announced that board of directors declared a quarterly cash dividend on Devon`s common stock for the first quarter of 2013. The dividend is payable on March 29, 2013, at a rate of $0.20 per share based on a record date of March 15, 2013. Full Article
Devon Energy Corp Announces Fourth Quarter Cash Dividend for Common Stockholders
Devon Energy Corp announced that its Board of Directors declared a quarterly cash dividend on Devon’s common stock for the fourth quarter of 2012. The dividend is payable on December 31, 2012 at a rate of $0.20 per share based on a record date of December 14, 2012. Full Article
Crestwood Midstream Partners LP Completes Acquisition Of Gathering And Processing Assets From Devon Energy Corporation's Subsidiaries
Crestwood Midstream Partners LP announced that it has completed the acquisition of gathering and processing assets from subsidiaries of Devon Energy Corporation (Devon). The effective date of the acquisition was July 1, 2012. Total cash paid to Devon for the assets was $87.1 million, which reflects a $2.9 million reduction to the originally announced acquisition price for estimated closing adjustments and operating activity since July 1, 2012. The acquired assets are located in the liquids-rich southwestern area of the Barnett Shale and include a 74 mile low pressure rich natural gas gathering system, a cryogenic processing facility with capacity of 100 million cubic feet per day and 23,100 horsepower of compression equipment. As a part of the transaction, Crestwood and Devon entered into a 20 year fixed-fee gathering, processing and compression agreement covering existing and future production from an approximate 20,500 acre dedication. Full Article
Devon Energy Corporation Announces $1.4 Billion Joint Venture
Devon Energy Corporation announced it has signed an agreement with Sumitomo Corporation whereby Sumitomo will invest $1.4 billion in exchange for 30% of Devon’s interest in approximately 650,000 net acres in the Cline Shale and the Midland-Wolfcamp Shale. Under the terms of the agreement, Sumitomo will invest $340 million in cash upon closing and an additional $1.025 billion will be invested in the form of a drilling carry. The drilling carry will fund 70 percent of Devon’s capital requirements, resulting in Sumitomo paying 79 percent of the overall drilling and completion costs during the carry period. For the full-year 2012, the partnership expects to drill approximately 40 gross wells. Based on the current work plan, Devon expects the entire $1.025 billion carry to be realized by mid-2014. Full Article
Devon Energy Corporation Announces Third Quarter Cash Dividend For Common Stockholders
Devon Energy Corporation announced that its Board of Directors declared a quarterly cash dividend on Devon’s common stock for the third quarter of 2012. The dividend is payable on September 28, 2012 at a rate of $0.20 per share based on a record date of September 14, 2012. Full Article
Devon Energy Corporation Comments On Q3, Q4 2012 Oil Production Guidance; Comments On H2 2012 Revenue Guidance; Reaffirms FY 2012 Production Guidance-Conference Call
Devon Energy Corporation announced that third and fourth quarter 2012 oil production will be up in spite of the impact of a scheduled plant turnaround at the Jackfish 1 facility. The Company expects overall top line growth in the second half of 2012 as oil and NGL volume growth outpace any declines may have in natural gas production. For fiscal 2012, it remains very comfortable with previous guidance range and on track to produce in the range of 253 million to 257 million BOE in fiscal 2012. Full Article
Devon to form pipeline, processing partnership
- Devon Energy Corp on Thursday said it plans to form a publicly-traded master limited partnership (MLP) for its U.S. natural gas gathering and processing assets in a bid to increase the valuation of its shares.
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