Devon Energy to exit offshore

Offshore staff

OKLAHOMA CITY -- Devon Energy is divesting all of its Gulf of Mexico and international assets, repositioning itself as a North American onshore company. The company plans to direct proceeds to its US and Canadian onshore portfolio and to retire debt.

“Devon's success has led to an overabundance of opportunities, and this repositioning will allow us to optimize value for our shareholders,” says J. Larry Nichols, chairman and CEO of Devon. “We do not believe that the value of our high-quality Gulf and international assets is being adequately reflected in our stock price. By monetizing these assets, we will realize their full value, allowing us to unleash the growth potential that resides within our world-class onshore assets.”

11/16/2009