Devon Divestiture Program on Schedule
Devon Energy Corp. has entered into definitive agreements to sell properties in the United States and Canada for $953 million. The subject properties had aggregate estimated proved reserves of approximately 126.7 million equivalent barrels as of December 31, 2001. These sales include previously disclosed dispositions involving 43.0 million barrels of proved reserves for proceeds of $366 million.
"As our total property dispositions of $953 million to date indicate, we are well on our way to achieving our goal of raising $1 billion in after-tax proceeds from divestitures by mid-summer," said J. Larry Nichols, Devon's chairman, president and chief executive officer. "Interest by prospective buyers has been and continues to be very encouraging. Proceeds will be targeted for debt reduction."