Devon Energy Corp. (DVN) announced its board has authorized the company to pursue the separation of its Canadian and Barnett Shale assets to complete its transformation to a high-return U.
Source: www.rttnews.com
In a business transformational move, Devon Energy Corp. is separating its Canadian and Barnett Shale assets to high-return U.S. oil growth business. Devon is evaluating multiple methods of separating its assets including stake sales and spin-offs. The seperation is expected to be completed by the end of 2019. In a move to reward shareholders, Devon increased its $4 billion share-repurchase program by $1 billion, for a total repurchase program of $5 billion (completed $3.4 billion till date). Additionally, the Company increased its quarterly dividend by 13% to $0.09 per share, effective Q2 2019.
