Devon Energy Corp. (NYSE: DVN) said Tuesday that it will sell three development projects in the Gulf of Mexico to Maersk Oil for $1.3 billion.
The project sale is part of Devon’s strategy to reposition the company as a North American onshore company, according to Devon president John Richels.
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The projects are in the deepwater Walker Ridge federal lease area off of the coast of Louisiana. The agreement covers Devon's 50 percent working interest in the Cascade project and 25 percent working interests in the Jack and St. Malo projects.
Devon Energy estimates after-tax proceeds of $1.1 billion from the transaction. The sale also will cut Devon's previously announced 2010 capital budget for the Gulf of Mexico by $400 million.
Devon announced plans last month to divest its Gulf of Mexico and international assets. The company estimates that it will receive after-tax proceeds of $4.5 billion to $7.5 billion from the sales, including the one announced Tuesday.
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