Devon Energy to Shed $1 bln in Assets

Oil and natural gas producer Devon Energy Corp said it would sell nearly $1 billion of producing assets in Texas and certain royalty interest as part of its divestiture program to improve its finances.

Devon said on Monday it would sell assets in east Texas for $525 million and assets in Anadarko Basin's Granite Wash area for $310 million.

The company will sell its royalty interest in the northern Midland Basin for $139 million.

The company said it was also in advanced talks to sell its 50 percent interest in the Access Pipeline in Canada and an announcement was expected within the next several weeks.

Reporting by Amrutha Gayathri