Devon Energy to sell Gulf assets and focus on shale gas; oil sands

Devon Energy Corp has announced it will sell its Gulf of Mexico and international assets and focus on its onshore fields in the United States and Canada which are primarily focused on shale gas and oil sands. Devon expects after-tax proceeds of $4.5 billion to $7.5 billion from the sales.

Devon’s announcement follows similar asset sale announcements from major players that are focusing resources on shale gas and oil sands. EnCana recently announced they would sell assets to invest into shale gas plays and oil sands in Alberta. Devon Energy is a major player in British Columbia’s Horn River basin and other shale gas plays in North America.

Reuters: Devon to sell its Culf, international assets