Devon to divest properties worth as much as $7.5B to slash debt

11/16/2009 | Bloomberg

Devon Energy said it plans to reduce debt by raising up to $7.5 billion from the sale of its properties in the Gulf of Mexico and overseas, including assets that generate about 7% of its reserve of 2.8 billion barrels of oil equivalent. Slashing debt and focusing on investments in U.S. and Canadian fields is expected to boost output, stockpiles and cash flow, Devon added.

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