Devon Energy Selling Non-core Assets For $340 Million

Devon Energy Corp. said Monday that it is selling $340 million in non-core assets in Lavaca County. The Oklahoma City-based oil and gas company said this is another step towards its $1 billion divestiture program for the next year. The divested properties produced about 4,000 oil-equivalent barrels per day, and proved reserves amounted to less than 10 million oil-equivalent barrels as of Dec. 31, 2016. Devon Energy shares are up nearly 1% in premarket trading, and down 27.3% for the year-to-date. The S&P 500 index is up 10.4% for 2017 so far.

Copyright © 2017 MarketWatch, Inc.