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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Devon Energy Corp | NYSE:DVN | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.20 | 0.40% | 50.54 | 51.30 | 50.16 | 51.11 | 8,953,765 | 01:00:00 |
From May 2019 to May 2024
Devon Energy Corp. said Thursday that it will sell its 50% ownership stake in Access Pipeline to Wolf Midstream Inc. for C$1.4 billion (US$1.1 billion).
Wolf is a portfolio company of the Canada Pension Plan Investment Board.
Devon Chief Executive Dave Hager said the deal ended the company's divestiture program where it was seeking to sell US$2 billion to US$3 billion in assets. The company has now sold US$3.2 billion.
The deal is expected to close in the third quarter of 2016 and is subject to customary closing conditions.
The agreement also includes the potential for a C$150 million payment based on the development of a new thermal-oil project on Devon's Pike lease in Alberta, Canada. Devon's thermal-oil acreage is dedicated to Access Pipeline for an initial length of 25 years.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
July 14, 2016 07:15 ET (11:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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