Energy
Devon Closes Another African Operations Sale (DVN)
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Shares of Devon Energy Corp. (NYSE: DVN) are up slightly as the company has closed on the sale of another asset in Africa. The company closed upon the sale of its operations in Gabon, which is in Western Africa. It had previously disclosed the buyer as Oranje-Nassau Energie B.V.
The listed and closing price on the deal was $205.5 million, and the company does not expect to pay income taxes on the sale of this operation. Devon was one we noted just last month as scoring a huge gain on its Equatorial Guinea operations.
This is consistent with its plans to exit all operations in Africa, and it has previously announced purchase and sale agreements that come to more than $3 Billion.
The company’s market cap is $54.5 Billion, so all in all this sale is a small fish in the bucket.
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Jon C. Ogg
May 19, 2008
Jon Ogg produces and edits the "10 Stocks Under $10" newsletter and he does not own securities in the companies he covers.
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