22 Mar 2018material agreement▲ Good
Devon repurchased about $1.1 billion of its higher-cost outstanding bonds through tender offers, upsized from an initially planned $1.0 billion, as part of an ongoing effort to reduce debt.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
22 Feb 2016material agreement▲ GoodMajor
Devon raised roughly $1.5 billion selling nearly 79.4 million new shares at $18.75 each, a large equity issuance during the 2016 oil-price downturn aimed at shoring up its balance sheet.
15 Dec 2015debt financing● Neutral
Devon raised $850 million selling 10-year senior notes at a 5.850% interest rate.
11 Dec 2015capital raising announcement● NeutralMajor
Devon will pay for the Powder River Basin (Wyoming) assets from NewWoods Petroleum, Renos Land & Minerals and REMI Midstream, agreed November 13, 2015, partly in stock: $300 million in cash plus 6,857,488 new Devon shares issued to NewWoods, out of $600 million total consideration. Closing is expected around December 17, 2015; the share issuance would dilute existing shareholders.
7 Dec 2015capital raising announcement● NeutralMajor
Devon agreed on December 6, 2015 to buy Felix Energy Holdings, LLC for $850 million in cash plus 23,470,000 new Devon shares (both subject to adjustment). Closing is expected in January 2016; the share issuance would dilute existing shareholders.
16 June 2015debt financing● Neutral
Devon raised $750 million selling 30-year senior notes at a 5.000% interest rate.
6 Aug 2014production update● Neutral
Devon updated its guidance again after agreeing to sell additional non-core U.S. assets to Linn Energy, continuing its portfolio simplification.
7 May 2014production update● Neutral
Devon updated its 2014 guidance after selling its Canadian conventional oil and gas assets to Canadian Natural Resources, an early step in a multi-year push to simplify its portfolio around U.S. oil.
10 Mar 2014asset acquisition disposition● Neutral
Devon finalized registration and unitholder agreements for EnLink Midstream, the pipeline company created by combining Devon's midstream assets with Crosstex Energy, giving Devon rights to eventually register and sell its EnLink ownership units.
3 Mar 2014asset acquisition disposition▲ GoodMajor
Devon closed its roughly $6 billion purchase of Eagle Ford Shale oil assets in Texas from GeoSouthern Energy, adding 82,000 net acres of high-return drilling acreage funded with cash and new debt.
7 Feb 2014material agreement● Neutral
Devon amended its revolving credit agreement to carve out debt taken on by EnLink Midstream, the entity formed by combining most of Devon's U.S. midstream pipeline assets with Crosstex Energy, so EnLink's borrowing wouldn't trip Devon's own loan covenants.