Devon to Sell Oil and Gas Assets for Almost $1 Billion

Devon Energy Corp., the energy producer that’s targeted $3 billion of asset sales to fund drilling and lower debt, agreed to sell fields in Texas and Oklahoma and a royalty interest in the northern Midland Basin for almost $1 billion to undisclosed buyers. The largest transaction was for reserves in East Texas for $525 million, the Oklahoma City-based oil and… (more…)

Oil Advances as Abu Dhabi Sees $60 Crude on Shrinking Surplus

Oil advanced as Abu Dhabi forecast prices could climb as high as $60 a barrel amid a glut that’s dwindling more quickly than projected. Futures rose as much as 1.3 percent in New York and London. The global surplus is down to 1.2 million to 1.5 million barrels a day and has contracted faster than expected, Ali Majed Al Mansoori,… (more…)