Devon Energy (DVN) Tops Q2 EPS by 2c, Beats on Revenues; 'Lowering 2017 Capital Outlook by $100 Million'

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Go back to Devon Energy (DVN) Tops Q2 EPS by 2c, Beats on Revenues; 'Lowering 2017 Capital Outlook by $100 Million'

Devon Energy (DVN) Reports $340M of Non-Core Asset Sales

July 31, 2017 8:04 AM EDT

Devon Energy Corp. (NYSE: DVN) announced today it has entered into a definitive agreement to monetize its Lavaca County assets in the Eagle Ford play. Combined with other minor asset sales completed across its U.S. operations, proceeds from the companys recently announced $1 billion divestiture program have now reached $340 million. The Lavaca County transaction is subject to customary terms and conditions and is expected to close by the end of 2017.

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Penn Virginia Corporation (PVAC) to Acquire Eagle Ford Assets from Devon Energy (DVN)

July 31, 2017 8:03 AM EDT

enn Virginia Corporation (NASDAQ: PVAC) today announced that it has entered into a definitive agreement to acquire Eagle Ford assets located primarily in Lavaca County, Texas for $205 million in cash from Devon Energy Corporation (Devon) (NYSE: DVN). The Company anticipates the acquisition will close on or before September 30, 2017, with an effective date of March 1, 2017. Penn Virginia expects the purchase price will be adjusted downwards by approximately $15 million to reflect estimated net cash flows from the effective date to closing, resulting in a net purchase price of approximately $190 million. The... More