Devon Energy (DVN) says it will shed its Gulf of Mexico and international assets in order to...
Monday, November 16, 2009, 9:09 AM ETDevon Energy (DVN) says it will shed its Gulf of Mexico and international assets in order to concentrate on its domestic onshore business, potentially generating after-tax proceeds of $4.5-7.5B. "We do not believe that the value of our high-quality Gulf and international assets is being adequately reflected in our stock price. By monetizing these assets, we will realize their full value, allowing us to unleash the growth potential that resides within our world-class onshore assets." (PR) Shares +3.5% premarket.