May 2, 2017 / 8:23 PM / 3 months ago

Devon Energy plans to divest $1 bln in non-core assets

1 Min Read

May 2 (Reuters) - U.S. oil producer Devon Energy Corp said it planned to divest about $1 billion of upstream assets across its portfolio.

The portfolio includes portions of its Barnett Shale assets.

The company expects to start divesting the assets in the second quarter of 2017 and complete the process over next 12 to 18 months.

Devon on Tuesday also reported a first-quarter profit, compared with a year-ago loss, helped by cost cuts. (Reporting by Sruthi Shankar and John Benny in Bengaluru; Editing by Maju Samuel)

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