Referenced Stocks

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

By MT Newswires,  September 27, 2012, 05:30:16 PM EDT

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 The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: DVN



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