Devon Energy, Sinopec sign $2.5B shale agreement

01/3/2012 | Wall Street Journal, The

Sinopec agreed to purchase shares in five of Devon Energy's U.S. shale oil and natural gas fields for $900 million. Devon will also receive $1.6 billion from Sinopec in the form of a drilling carry. "This arrangement improves Devon's capital efficiency by recovering our land and drilling costs to date and by significantly reducing our future capital commitments," said John Richels, Devon's president and CEO.

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