Devon is now eyeing asset sales of up to $5 billion as it streamlines operations to the SCOOP/STACK, Permian, and Rocky Mountain areas, Dave Hager, Devon’s chief executive, said at the Scotia Howard Weil energy conference in New Orleans, being held March 25-28th. Scotia Howard Weil’s Annual Energy Conference is one of the premier energy investor conferences in the industry, attracting institutional investors and top-level leadership from a broad range of energy companies.
“We are working on more strategic type moves for the company,” Hager said. “We are working on portfolio simplification of a significant scale as I stand here today.”
The company has no plans to increase its 2018 capital budget of $2.2 billion to $2.4 billion even with the recent rise in oil prices, said Hager, who added extra cash flow will be used to cut debt and boost shareholder returns.
“We’re going to be a lean, efficient company that drives high returns,” he said.
Earlier this month the company announced it had entered into a definitive agreement to sell the southern portion of its Barnett Shale position for $553 million, with those assets primarily located in Johnson County, Texas.
Compiled and Published by GIB KNIGHT
Gib Knight is a private oil and gas investor and consultant, providing clients advanced analytics and building innovative visual business intelligence solutions to visualize the results, across a broad spectrum of regulatory filings and production data in Oklahoma and Texas. He is the founder of OklahomaMinerals.com, an online resource designed for mineral owners in Oklahoma.