Devon Energy Monetizes Midland Basin Assets

San Angelo's Standard Times reported in July 2013

Geography, geology and charm brought Devon Energy to San Angelo.

The need for capital may take Devon Energy away from our area.  A corporate press release stated:

Devon Energy Corp. (NYSE: DVN) announced today it has entered definitive agreements to sell its remaining non-core assets in the Midland Basin for $858 million. These transactions include the Company’s upstream assets in the southern Midland Basin and its undeveloped leasehold in Martin County, Texas.

In the northern Midland Basin, Devon agreed to monetize its working interest across 15,000 net acres in Martin County, Texas along with 13,000 net acres in eight surrounding counties for $435 million. 

In a separate transaction, Devon entered into an agreement to sell its assets in the southern Midland Basin for $423 million. 

A June 2016 Investor Presentation showed Devon focusing on two areas for exploration, the Delaware Basin in Far West Texas and Eastern New Mexico and Oklahoma's STACK formation.  This raises questions as to how much longer Devon will be in San Angelo. 

Geology, geography and charm may not have been enough.  Will Pioneer Resources or the unnamed buyer take over Devon's San Angelo operation?  The answer may come at the next Development Corporation meeting.