Key Developments For Devon Energy Corporation
Devon Energy Corporation (DVN.N) (New York Stock Exchange)
Devon Energy Corporation Announces Plan To Strategically Reposition Company As High-Growth, Onshore North American Exploration And Production Company
Devon Energy Corporation announced its plan to strategically reposition Devon as a high-growth North American onshore company. Devon intends to divest all of its Gulf of Mexico and international assets. Devon plans to direct proceeds to its high-return U.S. and Canadian onshore portfolio and to retire debt. Devon expects to have data rooms open for all of the divestiture assets and commence the divestiture process in the first quarter of 2010. Devon expects to complete the divestitures throughout 2010, and to have finished the process by year-end. Devon believes the divestitures will generate after-tax proceeds of $4.5 billion to $7.5 billion. Devon expects the repositioning to be highly accretive to earnings, cash flow, production and reserves beginning in 2011.
Devon Energy Corporation Raises Q4, FY 2009 Production Outlook-Conference Call
Devon Energy Corporation announced that, based on strong year to date results, increased fiscal 2009 outlook for production to be between 247 and 249 million barrels. This revised forecast implies a fourth quarter 2009 production range of 58 to 60 million barrels, which is up about two million barrels from previous guidance for the fourth quarter.
Devon Energy Corporation Announces Cash Dividend For Common Stockholders
Devon Energy Corporation announced that its Board of Directors declared a quarterly cash dividend on the Company's common stock for the first quarter of 2009. The dividend is payable on March 31, 2009, at a rate of $0.16 per share based on a record date of March 16, 2009.
Devon Energy Corporation Comments on FY 2009 Production Outlook-Conference Call
Devon Energy Corporation announced that it expects oil & gas production for fiscal 2009 to be essentially flat with that of 2008.
Devon Energy Corporation Sells $1.2 Billion In Two Parts-Reuters
Reuters reported that Devon Energy Corporation sold $1.2 billion in two parts, according to IFR, a Thomson Reuters publication. Bank of America, J. P. Morgan, and UBS were the joint bookrunning managers for the sale.
