Big Changes Ahead for Devon
Reese Energy Consulting today is studying the big news from Okla. City-based Devon Energy, which just released both its 4Q earnings report for 2018, and a separate announcement on the company’s future. There’s no question Devon experienced a “high-five” year, earning a net income of about $1.14 billion during the last quarter alone, compared to $183 million in the final quarter of 2017. But company officials report a New Devon is fast on the horizon, announcing it’s now on the last step to “complete transformation” by concentrating its E&P activity exclusively on U.S. shale fields. The company says either it will sell or spin-off its Canadian heavy-oil assets and NGL assets in the Barnett Shale to focus on its operations in the Delaware and Powder River basins, the STACK, and Eagle Ford. Devon expects to finalize these separations by year end.