Devon Energy Corp said it would sell its remaining non-core gas-rich properties to peer Linn Energy LLC for $2.3 billion to focus on more lucrative oil assets and cut debt.This is Linn's biggest deal since it bought Berry Petroleum Co in December through a holding company set up for acquisitions.The asset sale by Devon includes about 900,000 net acres spread across the Rockies, onshore Gulf Coast and some mid-continent regions, including all or parts of Kansas, Oklahoma, Texas, Arkansas and Louisiana.These assets produce 275 million cubic feet of gas equivalent per day, about 80 percent of which is natural gas. They contributed about 7 percent to Devon's total oil and gas output in the first quarter.
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 $79.50. In the past year, the shares have traded as low as $52.00 and as high as $79.58. On average, 3387610 shares of DVN exchange hands on a given day and today's volume is recorded at 1489496.
Linn Energy, LLC (LINN Energy) is an independent oil and natural gas company. Shares of LINE traded higher by 1.68% or $0.5362/share to $32.43. In the past year, the shares have traded as low as $20.35 and as high as $34.08. On average, 1198300 shares of LINE exchange hands on a given day and today's volume is recorded at 1663432.
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