Topic: Growth Stocks

Stock Pickers Digest Hotline – Friday, July 4, 2014

Article Excerpt

DEVON ENERGY CORP., $79.21, symbol DVN on New York, has agreed to sell some of its properties to Linn Energy LLC (Nasdaq symbol LINE) for $2.3 billion. The sale includes Devon’s holdings in the Rockies, the onshore Gulf Coast and the Mid-Continent region (which includes Oklahoma, Kansas and Texas). The sale will let Devon focus on what it sees as low-risk/high-reward properties, especially the oil-producing assets it bought in Texas’s Eagle Ford shale formation for $6 billion last year. As well, 80% of the production from the properties Devon sold is natural gas, so the sale will let the company continue to shift its focus to oil from gas. In 2011, Devon sold all of its international and Gulf of Mexico properties, which it saw as risky and expensive to develop. The company aimed to focus on its North American projects, which include conventional oil production, Texas shale oil and Alberta oil sands. Earlier this year, Devon narrowed its focus even further by selling some…

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