Devon To Unload Gulf Of Mexico, International Assets

By Elise Czajkowski

Law360, New York (November 16, 2009, 2:14 PM ET) -- Devon Energy Corp. announced Monday that it will divest its Gulf of Mexico and international assets in an effort to focus on its U.S. and Canadian onshore portfolio.

The company expects the divestment to bring in $4.5 billion to $7.5 billion after taxes, and those proceeds will be used to retire debt, as well as build up its operations in the United States and Canada, it said in a statement.

Devon will begin divesting the assets in the first quarter of 2010, and expects to complete...
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