Devon agrees to sell some China assets for $515M
OKLAHOMA CITY (AP) - Devon Energy Corp. says it has agreed to sell its Panyu field off the shore of China to the China National Offshore Oil Corp. for $515 million.
The Oklahoma City-based independent energy company announced the deal Friday. It will net Devon about $370 million after taxes.
Devon said last November it planned to sell its Gulf of Mexico and international assets to focus on its North American onshore assets. Devon CEO Larry Nichols says the company has now divested nearly $10 billion of those assets.
The company says it also plans to sell its remaining exploration assets in China and Angola and other minor international assets. Devon says it expects the closing of all the divestitures to be finished by the end of the year.