Devon Energy Corporation has received approval from the Brazilian government for the previously announced sale of its assets in Brazil to BP for $3.2 billion.
"We expect to close the transaction later this week, completing the strategic repositioning of Devon," said John Richels, Devon's president and chief executive officer. "Devon's focus is now on its highly competitive North American onshore exploration and production business."
On November 16, 2009, Devon announced plans to divest its Gulf of Mexico and international assets to focus the company on its North American onshore assets. In total, Devon is realizing roughly $8 billion of after-tax proceeds from the divestiture program, exceeding the company's initial expectation of $4.5 to $7.5 billion. With the completion of its divestiture program, Devon has emerged with sustainable organic growth opportunities, superior financial strength and enhanced per share growth.