Surprise! Devon May Sell Eagle Ford & Powder River, Not Marcellus

Well, this isn't what we expected. Bloomberg reported Friday, citing unnamed people "familiar with the matter," that Devon Energy is exploring a sale of two of its shale positions — the Eagle Ford in South Texas and the Powder River Basin in Wyoming — that together could bring in more than $4 billion. Devon plans to announce a formal strategic review of the two packages when it releases second-quarter results in early August (the release is scheduled for Tuesday, Aug. 4, with the analyst call the next morning). Nothing is final. The timing could slip, and Devon could decide to keep both. Just two weeks ago we told you activist investor Kimmeridge is beating on Devon for moving too slowly on divestitures following the Coterra merger (see Activist Investors Say Devon Energy Too Slow with Asset Sales). We assumed — as did nearly everyone — that the Marcellus would be first out the door. Apparently not.

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