Key Developments: Devon Energy Corp (DVN)

DVN on New York Consolidated

77.12USD
21 Jul 2014
Price Change (% chg)

$0.11 (+0.14%)
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Latest Key Developments (Source: Significant Developments)

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

Devon Energy Corp Announces Fourth Quarter Cash Dividend for Common Stockholders
Wednesday, 11 Sep 2013 12:38pm EDT 

Devon Energy Corp announced that its board of directors declared a quarterly cash dividend on Devon`s common stock for the fourth quarter of 2013. The dividend is payable on December 31, 2013 at a rate of $0.22 per share based on a record date of December 13, 2013.  Full Article

Meritage Midstream Services Acquires Wyoming's Thunder Creek Gas Services From Devon Energy Corp and PVR Partners LP
Tuesday, 20 Aug 2013 08:15am EDT 

Meritage Midstream Services II, LLC (Meritage) announced that it has acquired 100% ownership of Thunder Creek Gas Services, LLC (Thunder Creek) from Devon Energy Corporation and PVR Partners, L.P. Established in 1998, Thunder Creek owns and operates natural gas gathering, treating and processing assets in Wyoming`s Powder River Basin, including more than 500 miles of high- and low-pressure gas gathering pipelines, three natural gas treating facilities, compression and gas processing facilities, and various NGL and condensate handling facilities. The transaction closed on Aug. 19.  Full Article

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.  Full Article

Devon Energy Corp Announces Third Quarter Cash Dividend for Common Stockholders
Wednesday, 5 Jun 2013 12:42pm EDT 

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
Wednesday, 6 Mar 2013 01:40pm EST 

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

Deals of the day- Mergers and acquisitions

(Adds Devon Energy, Club Mediterranee, Woolworths, Isle of Capri Casinos, Fresenius, Meyer Werft, Puma; updates PPG Industries)

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