March 7, 2018 / 9:28 PM / in 3 months

Devon Energy boosts dividend, buyback; sells shale asset

March 7 (Reuters) - U.S. oil and gas producer Devon Energy Corp on Wednesday boosted its dividend payout and said it would sell a shale asset to raise cash and reduce debt.

Devon hiked its dividend to 8 cents per share from 6 cents.

It plans to sell the southern portion of its Barnett Shale position for $553 million.

The company also said it would buy back $1 billion in shares. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar)

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