Devon Energy is exploring a sale of its Eagle Ford and Powder River shale assets that together could fetch more than $4 billion, Bloomberg reported. The company aims to announce a strategic review of the assets when it reports earnings in early August, though no final decision has been made. Devon has faced pressure from investors to streamline its portfolio and focus on its Permian Basin business following its $25 billion acquisition of Coterra Energy. Activist investor Kimmeridge Energy recently criticized the divestment program as too slow, and major shareholder Toms Capital is said to be considering all options to spur action.
Devon Energy CorporationDevon Energy is exploring a $4 billion sale of assets, but no final decision has been made; activist pressure adds uncertainty.