24 January 2007
Devon backs off
Oklahoma City-based Devon Energy is selling off all of its West African operations, about four percent of its proved reserves. The properties are located in Equatorial Guinea, Gabon and Côte d'Ivoire. Whatever Devon gets for the sale, they say, will be used to pay off commercial paper and repurchase company stock.
Motivations, according to the press release:
For "lower overall portfolio risk" I read "no more having to deal with the president of Equatorial Guinea," who is a bad egg of Mugabean magnitude.