Devon Energy has announced the sale of $1billion of its assets.
The sale of assets in the Barnett Shale and other properties within its US resources will begin in the second quarter of 2017 and will take 12-18 months to complete.
The news comes as the American-based firm announced net earnings of £565 million in the first three months of the year, with the sale allowing them to invest more in higher-returning areas.
Dave Hager, president and chief executive officer of Devon, said: “The successful resource expansion in our world-class STACK and Delaware Basin assets has generated an abundance of opportunities within our portfolio.
“Given the multi-decade growth platform these franchise assets provide, we are taking this initial step to bring value forward from non-core assets and sharpen our focus on the highest-returning growth inventory in our portfolio.
“This divestiture program, combined with our excellent liquidity and strong hedge position, supports our capital program and places us firmly on track to achieve our production growth targets.”
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