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Wednesday, February 19, 2014

Devon sells some gas assets as oil focus pays off, (NYSE: DVN)

Devon Energy Corp said it would sell some liquids-rich natural gas assets in Canada to Canadian Natural Resources Ltd for about $2.8 billion and posted a better-than-expected profit as it ramps up production of more lucrative oil.Devon shares were up 3 percent at $64.77 in trading before the bell. Canadian Natural's U.S.-listed shares were little-changed.Devon, like many other U.S. oil and gas producers, has been selling off its natural gas holdings to focus on more profitable crude oil assets in North America.A flood of shale gas supplies has depressed natural gas prices in the past few years. Although prices have inched up in recent weeks due to severe cold weather in North America, returns from drilling for the fuel remain unattractive.

Devon Energy Corporation (Devon) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). Shares of DVN remained unchanged at $62.91. In the past year, the shares have traded as low as $50.81 and as high as $66.92. On average, 3400290 shares of DVN exchange hands on a given day and today's volume is recorded at 6490.