Devon Energy to buy assets from Felix; sell some holdings

December 7, 2015 4:37 PM

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Devon Energy to buy assets from Felix; sell some holdings

Oil producer Devon Energy Corp (DVN.N) said it would buy some assets from Felix Energy LLC for $2.5 billion and raise $2 billion-$3 billion from asset sales, as the company reshapes its portfolio amid a slump in oil prices.

A more than 60 percent drop in global crude prices since June last year has prompted oil and gas companies to take a closer look at their assets. Producers are taking advantage of cheap prices to buy assets, while discarding unprofitable holdings.

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