United States

Devon Energy Corp (DVN)

DVN on New York Consolidated

25 May 2017
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Latest Key Developments (Source: Significant Developments)

Devon Energy posts Q2 core shr $0.06; sees FY oil equivalent production of 598-623 MBOE/D
Tuesday, 2 Aug 2016 04:15pm EDT 

Devon Energy Reports Second : Raised 2016 production guidance for retained assets by 3 percent . Q2 loss per share $3.04 . Q2 earnings per share view $-0.19 -- Thomson Reuters I/B/E/S . Q2 total operating revenue $2,488 million versus. $3,393 million last year . Q2 revenue from oil, natural gas and natural gas liquids sales totaled $1,085 million versus. $1,587 million last year . Devon's reported net production averaged 644,000 oil-equivalent barrels (boe) per day during q2 of 2016 . "now on pace to reduce operating and g&a expenses by nearly $1 billion in 2016" . Legacy midland basin assets have extremely low declines and are expected to produce approximately 15,000 BOE per day in H2 2016 . Sees 2016 capital expenditures $1,370 million - $1,645 million . Raising mid-point of its 2016 production guidance from its retained, go-forward asset base by 18,000 boe per day, or 3 percent . Sees FY oil equivalent total production between 598 mboe/d to 623 mboe/d . Qtrly core earnings per share $0.06 . Completed asset divestiture program with proceeds totaling $3.2 billion . Sees q3 oil equivalent total production between 560 mboe/d to 590 mboe/d . Lowering its full-year 2016 loe outlook by $150 million to a range of $1.6 billion to $1.7 billion . On track to reduce LOE and production taxes by nearly $600 million compared to 2015.  Full Article

Wolf Midstream says deal to be funded through investment by CPPIB
Thursday, 14 Jul 2016 06:14am EDT 

Wolf Midstream Inc: Wolf Midstream Inc signs agreement to acquire 50 pct interest in access pipeline in Alberta for $1.4 billion .Deal will be funded at closing by Wolf through an investment by CPPIB of approximately $825 million and third-party debt financing.  Full Article

Devon to sell Western Canada pipeline stake to CPPIB for $1.1 bln
Thursday, 14 Jul 2016 06:00am EDT 

Devon Energy Corp : Devon Energy monetizes access pipeline for CAD $1.4 billion (USD $1.1 billion); additional CAD $150 million (USD $120 million) payment with future expansion . Devon Energy Corp says expects its lease operating expense at Jackfish Complex to increase by approximately USD $100 million on an annualized basis . Agreement also includes potential for an incremental CAD $150 million payment . To sell 50 percent ownership interest in access pipeline to Wolf Midstream Inc, Portfolio Co Of Canada Pension Plan Investment Board . Under terms of sale agreement, Devon's thermal-oil acreage is dedicated to access pipeline for an initial term of 25 years . Agreement also includes potential for access pipeline toll to be reduced by as much as 30 percent . A market-based toll will be applied to production from company's three Jackfish projects, which are fully operational .Entered into a definitive agreement to sell its 50 percent ownership interest in access pipeline to Wolf Midstream Inc.  Full Article

Devon Energy monetizes non-core midland assets for $858 mln
Wednesday, 15 Jun 2016 04:05pm EDT 

Devon Energy Corp : Devon energy monetizes non-core Midland assets for $858 million; increasing 2016 capital program $200 million; raising 2016 production outlook . Year 2016 upstream capital program to range between $1.1 billion and $1.3 billion . Says incremental capital investment will be deployed in Delaware basin and Oklahoma stack play beginning in Q3 of 2016 . Says now expects its full year 2016 production guidance from core assets to a range of 540,000 to 560,000 boe per day . In Northern Midland basin, agreed to monetize working interest across 15,000 net acres in Martin County, Texas along with 13,000 net acres in eight surrounding counties for $435 million . Says Jefferies Llc acted as lead financial advisor to Devon on divestiture transactions .Says is evaluating further accelerating activity in Q4 of 2016.  Full Article

Devon energy declares qtrly cash dividend
Wednesday, 8 Jun 2016 11:30am EDT 

Devon Energy Corp : Declared A Quarterly Cash Dividend On Devon's Common Stock For Q3 Of 2016 .Dividend Is Payable On Sept. 30, 2016, At A Rate Of $0.06 Per Share.  Full Article

Devon Energy sells additional $1 bln in upstream assets
Monday, 6 Jun 2016 06:00am EDT 

Devon Energy Corp : Devon energy announces additional $1 billion of upstream asset sales . Entered into definitive agreements with undisclosed parties to monetize nearly $1 billion of non-core upstream assets in east texas . Says expects to incur minimal taxes associated with these transactions . Says largest transaction is an agreement to divest upstream assets in east texas for $525 million . Says company agreed to sell its non-core position in anadarko basin's granite wash area for $310 million . Says entered into an agreement to sell its overriding royalty interest across 11,000 net acres for $139 million .Additionally, devon is in advanced negotiations to sell its 50 percent interest in access pipeline in canada.  Full Article

CalPERS asks shareowners of Devon energy to support climate change risk reporting proposal
Thursday, 26 May 2016 06:32am EDT 

California Public Employees Retirement System : Asks shareowners of Devon Energy corp to support proposal 5 requesting climate change risk reporting . Iss, Glass Lewis have similarly recommended that investors vote for proposal no. 5 at the Devon Energy Corp. Annual meeting on June 8, 2016 Source (http://bit.ly/1TLniX4) Further company coverage: [DVN.N] ((Bengaluru Newsroom; +1 646 223 8780;)).  Full Article

Devon Energy Corp announces offering of common stock
Wednesday, 17 Feb 2016 04:08pm EST 

Devon Energy Corp:Intends to commence a registered public offering of 55,000,000 shares of its common stock, subject to market conditions.Also expects to grant the underwriters an option to purchase up to 8,250,000 additional shares of stock at the underwriters' election.Net proceeds from the offering are expected to be used for general corporate purposes, including bolstering the Company's liquidity position, reducing indebtedness and funding the Company's capital program.  Full Article

Devon Energy Corp to lay off 1,000 workers, 700 in Oklahoma City - ASSOPR
Tuesday, 16 Feb 2016 08:16pm EST 

Devon Energy Corp:Devon Energy has announced plans to lay off about 1,000 employees — including about 700 in Oklahoma City. - RTRS.The oil and natural gas company said in a statement Tuesday that the layoffs are due to "the current commodity price environment" and an effort to reduce expenses in order to remain financially flexible and competitive.The company had said in January that layoffs were planned as oil and natural gas prices remain weak.The company said the Oklahoma City layoffs are expected to be complete by Thursday.  Full Article

Devon Energy Corp plans layoffs over next few months - AP
Thursday, 21 Jan 2016 02:31pm EST 

Devon Energy Corp:Devon Energy Corp. has announced that it is planning employee layoffs over the next few months - AP.Company executives made the announcement during a town hall meeting with employees Wednesday morning. Spokesman Tim Hartley said that the layoffs are a necessary part of cost management efforts for Devon as oil and natural gas prices remain weak. - AP.The company has not determined how many employees will lose their jobs, Hartley said, but that a majority of the layoffs will happen by the end of March - AP.According to a document filed with the Securities and Exchange Commission last year, Devon had about 5,500 employees as of Dec. 31, 2014. - AP.  Full Article

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