Devon Energy Closes $1.4 Bln JV Agreement with Sumitomo; Shares Nudge Higher Post-Bell

By Staff,

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Devon Energy Corp. ( DVN ) is slightly higher in after-hours trade after announcing the closing of its $1.4 billion joint-venture agreement with Sumitomo Corp. The joint venture covers approximately 650,000 net acres in the Cline Shale and the Midland-Wolfcamp Shale. Sumitomo will invest $1.4 billion in exchange for 30% of DVN's interest in these projects.

DVN is up 0.2% at $60.75 post market close, and trades in a 52-week range of $50.74 - $76.34. Shares have increased 3% in the last 12 months.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
Referenced Stocks: DVN

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