Devon To Sell Gulf Assets To Apache For $1B

Law360, New York (April 12, 2010, 5:30 PM EDT) -- Devon Energy Corp. has agreed to sell all of its Gulf of Mexico shelf assets to Apache Corp. for $1.05 billion as part of ongoing efforts to consolidate its oil and gas production in onshore operations, the companies said Monday.

The transaction covers a 477,000-acre swath of property off the coasts of Texas, Louisiana and Alabama, including 80 platforms and 211 production caissons, according to Houston-based Apache.

Devon, headquartered in Oklahoma City, said the holdings produced roughly 62 million cubic feet of natural gas and 9,000...
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