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Devon Energy hires advisers to sell non-core assets

Feb. 10, 2016 12:23 PM ETDevon Energy Corporation (DVN) StockDVNBy: Carl Surran, SA News Editor4 Comments
  • Devon Energy (DVN -2.3%) has hired Jefferies to sell non-core oil assets across four major shale basins in an attempt to raise $2B-$3B and slash debt, Reuters reports.
  • DVN says it will offer the assets in the Permian Basin of Texas, the Granite Wash formation, East Texas and the Mississippian play as regional packages, and consider multiple packages together as a block.
  • While small in size and value compared with Shell's $70B move for BG Group, bankers say DVN's block of assets is one of the biggest marketed for sale by a producer since the start of the oil market downturn.

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