Devon Energy has struck a deal to sell all its non-core Mississippian assets in northern Oklahoma for $200million.
The company has signed an agreement with White Star Petroleum which has been described as an “important step” in its plan to divest up to $3billion of non-core assets.
Net production from the Mississippian assets averaged 12,800 barrels per day in the first quarter of 2016.
Dave Hager, chief executive of Devon Energy, said: “This is another important step in executing on our plan to divest $2 billion to $3 billion of non-core assets across our portfolio during 2016.
“Proceeds will be used to further strengthen our investment-grade balance sheet. Additionally, this timely transaction accelerates Devon’s efforts to focus exclusively on its best-in-class resource plays in onshore North America.”
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