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36

Devon Energy Gets Out Africa to Focus On North America

The company sold its last African property, in Cote d'Ivoire, for $205 million

With completion of the Cote d'Ivoire transaction, Devon has divested all of its oil and gas producing properties in Africa. The aggregate pre-tax value of the combined African divestitures was approximately $3 billion.

The closeout sale had no significant effect on Devon's share price. On the contrary, since the divesture was announced, the share price has risen by more than 90%.

Overall, Devon's proved reserves in Africa totaled about 90 million barrels of oil equivalent, and the company was producing about 11 million barrels annually from the African properties.

Devon is the largest U.S.-based independent oil and gas producer and is included in the S&P 500 Index.

Author: Ksenia Kochneva