Devon Energy Completes Sale of ACG Field in Azerbaijan

Summary:

Devon Energy Corporation (NYSE:DVN) today announced that it has completed the sale of its ACG field located offshore Azerbaijan in the Caspian Sea to BP for $2 billion. Devon's current production from the ACG field is approximately 17 thousand barrels of oil per day. "With the close of ACG, we have received aggregate pre-tax proceeds from the Gulf of Mexico and International divestitures of approximately $6.7 billion," said John Richels, Devon's president and chief executive officer. "The strategic repositioning we announced last November is expected to be complete around year-end with the close of our assets in Brazil."

Devon Energy Completes Sale of ACG Field in Azerbaijan

abarrelfull 17 Aug 2010 05:40

Devon Energy Completes Sale of ACG Field in Azerbaijan

Devon Energy Corporation (NYSE:DVN) today announced that it has completed the sale of its ACG field located offshore Azerbaijan in the Caspian Sea to BP for $2 billion. Devon's current production from the ACG field is approximately 17 thousand barrels of oil per day.

"With the close of ACG, we have received aggregate pre-tax proceeds from the Gulf of Mexico and International divestitures of approximately $6.7 billion," said John Richels, Devon's president and chief executive officer. "The strategic repositioning we announced last November is expected to be complete around year-end with the close of our assets in Brazil."

• www.devonenergy.com