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These excerpts taken from the DVN 10-K filed Jun 9, 2008. Property
Divestitures
In November 2006 and January 2007, Devon announced plans to
divest its operations in Egypt and West Africa. In October
2007, Devon completed the sale of its Egyptian operations and
received proceeds of $341 million. See Note 13 for
more discussion regarding these divestitures.
Property Divestitures In November 2006 and January 2007, Devon announced plans to divest its operations in Egypt and West Africa. In October 2007, Devon completed the sale of its Egyptian operations and received proceeds of $341 million. See Note 13 for more discussion regarding these divestitures. These excerpts taken from the DVN 10-K filed Feb 28, 2008. Property
Divestitures
In November 2006 and January 2007, Devon announced plans to
divest its operations in Egypt and West Africa. In October
2007, Devon completed the sale of its Egyptian operations and
received proceeds of $341 million. See Note 13 for
more discussion regarding these divestitures.
Property Divestitures In November 2006 and January 2007, Devon announced plans to divest its operations in Egypt and West Africa. In October 2007, Devon completed the sale of its Egyptian operations and received proceeds of $341 million. See Note 13 for more discussion regarding these divestitures. This excerpt taken from the DVN 10-K filed Feb 28, 2007. Property
Divestitures
During 2005, Devon divested certain non-core oil and gas
properties in the offshore Gulf of Mexico and onshore in the
United States and Canada. From these sales, Devon received
$2.0 billion of gross proceeds. After-tax, the proceeds
were approximately $1.8 billion. Certain information
regarding these sales is included in the following table.
Under full cost accounting rules, a gain or loss on the sale or
other disposition of oil and gas properties is not recognized
unless the gain or loss would significantly alter the
relationship between capitalized costs and proved reserves of
oil and gas attributable to a cost center. Because the 2005
divestitures did not significantly alter such relationship,
Devon did not recognize a gain or loss on these divestitures.
Therefore, the proceeds from these transactions were recognized
as an adjustment of capitalized costs in the respective cost
centers.
On November 14, 2006, Devon announced that it intends to
divest its operations in Egypt. Also, on January 23, 2007,
Devon announced that it intends to divest its operations in West
Africa. See Note 13 for more discussion regarding these
planned divestitures.
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