• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 12 hours Could Venezuela become a net oil importer?
  • 4 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 15 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 21 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 12 hours Gazprom Exports to EU Hit Record
  • 15 hours Why is permian oil "locked in" when refineries abound?
  • 5 hours Oil prices going down
  • 13 hours EU Leaders Set To Prolong Russia Sanctions Again
  • 12 hours Could oil demand collapse rapidly? Yup, sure could.
  • 12 hours Oil Buyers Club
  • 15 hours EVs Could Help Coal Demand
  • 10 hours Saudi Arabia turns to solar
  • 1 day Teapots Cut U.S. Oil Shipments
  • 21 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 3 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 day Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
Alt Text

Tesla’s Newest Car Will Have Rocket Thrusters

Tesla CEO Elon Musk tweeted…

Alt Text

China Plans To Create A $78 Billion Natural Gas Giant

Chinese regulators are looking to…

Dan Dicker

Dan Dicker

Dan Dicker is a 25 year veteran of the New York Mercantile Exchange where he traded crude oil, natural gas, unleaded gasoline and heating oil…

More Info

Trending Discussions

Choosing The Winner In U.S. Shale

Shale Rig

Now that oil is backing away marginally from its $50 level, there has been an equal retracement in the price of energy stocks with it. I firmly believe that any retracement you see represents an opportunity, with oil markets now fast rebalancing and production rapidly dropping here in the US. But who do you buy? Further sales of Permian basin assets from Devon Energy (DVN) to Pioneer Natural Resources (PXD) on Thursday have made the heavily leveraged Devon a far better bet than it was even a few short weeks ago, and worth picking up as it hovers near $35 a share.

We had heard from CEO David Hager that he planned up to $3 billion in asset sales in order to retire debt while recommitting capital to their core Oklahoma STACK play, but nothing that’s said on conference calls means a thing until you actually see the strategy being executed. Devon’s sale of Granite Wash assets two weeks ago for about a billion dollars was a very encouraging first sign.

On Thursday, the encouragement got stronger, as Devon sold another $858 million of non-core assets in the Midland subsector of the Permian, bringing their total announced sales already above $2 billion dollars. That’s a superb job of accelerating needed asset sales at reasonable valuations considering today’s oil market – and delivers much of what Hager has promised to shareholders: a stronger balance sheet with a debt reduction of nearly 25 percent of the $10.4 billion of net debt the company…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News