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Devon Energy Closes Sale of Assets in Cote d'Ivoire

Source: www.gulfoilandgas.com 9/25/2008, Location: Africa

Devon Energy Corporation announced that it has completed the sale of its operations in the West African nation of Cote d'Ivoire to Afren. The sales price was $205 million. After adjusting for net revenues received by Devon from June 30, 2007, through closing, the adjusted proceeds were $164 million.

With completion of the Cote d'Ivoire transaction, Devon has divested all of its oil and gas producing properties in Africa. The aggregate pre-tax value of the combined African divestitures was approximately $3 billion.

Devon's African operations have been accounted for as discontinued operations since the company decided to exit Africa in early 2007. As a result, the Cote d'Ivoire divestiture has no effect upon Devon's oil and gas production or proved reserves.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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