Devon Energy (DVN +2.7%) closes on its JV agreement with Sumitomo in which the Japanese...

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

Devon Energy (DVN +2.7%) closes on its JV agreement with Sumitomo in which the Japanese investment firm will invest $1.4B in exchange for 30% of DVN's interest in its projects on 650K acres of Texas energy fields. Sumitomo has invested $410M thus far and will invest the remaining $980M in payments for DVN's drilling costs.