Devon Energy (DVN) announces a transaction with Sinopec International (SHI) whereby the company...

|About: Devon Energy Corporation (DVN)|By:, SA News Editor

Devon Energy (DVN) announces a transaction with Sinopec International (SHI) whereby the company will give up one-third of its interest in 5 separate venture plays for $2.2B. The firm says the deal will improve its capital efficiency by recovering its land and drilling costs and by cutting future capital commitments. Shares +4.8% premarket.