Devon Won't Chase Acquisitions, Land in 2011
WASHINGTON (Dow Jones)
Since announcing plans to shed international and offshore assets one year ago, Devon Energy Corp. (DVN) has raked in more than $10 billion. But the oil and gas producer's chairman said Monday that Devon is likely done deal-making for a while, even as other energy companies rush to acquire onshore assets in North America.
J. Larry Nichols, who helped found the Oklahoma City company, said that Devon won't compete with its wheeling-and-dealing peers for positions in fields where it isn't already active, including North Dakota's Bakken shale formation and the vast Marcellus field that covers much of Pennsylvania, Ohio and New York.
"We've got the asset base we really want and don't really see any opportunities that are out there other than what we see in-house," Nichols said, in an interview ahead of The Wall Street Journal's CEO Council. "It's virtually certain that what we do next year is execute on our own portfolio."