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Article: Devon to sell maturing assets, keep Barnett Shale output steady.
- Article from:
- Natural Gas Week
- Article date:
- October 4, 2004
- Author:
CopyrightCOPYRIGHT 2004 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Devon Energy plans to sell off a large package of mature assets in the US and Canada in the coming months but it expects its remaining North American onshore gas business to provide a solid foundation for its operations over the next five years.
The company will sell properties with proved reserves of around 1 Tcfe and current production of about 600 MMcfe/d. It has not yet identified the assets for sale but expects to divest them by the first quarter of 2005, raising up to $1.5 billion.
Devon also announced plans to buy back up to 10% of its own shares over the next 18 months and set a target of 5% annual production growth through 2009. Its gas-heavy ...