Topic: How To Invest

Stock Pickers Digest Hotline – Friday, March 9, 2018

Article Excerpt

DEVON ENERGY CORP., $32.72, symbol DVN on New York, is a leading explorer and producer of oil and natural gas in the U.S. The company focuses on four core areas in Oklahoma and West Texas. It also has several heavy-oil projects in Eastern Alberta. In the latest quarter, Devon produced an average of 548,000 barrels of oil equivalent a day (55% natural gas, 45% oil). Much of its natural gas production comes from the Barnett Shale in North Texas. That’s the first place shale gas was produced in North America and still one of the largest fields on the continent. This week, Devon agreed to sell the southern portion of its Barnett Shale holdings for $553 million. It expects to complete the sale by June 30, 2018. That deal is part of the company’s plan to sell its less-important properties by 2020. So far, those sales have raised $1 billion. Devon plans to use the proceeds to buy back $1.0 billion of its outstanding shares…

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