Bloomberg News reports that Devon Energy is considering a $4 billion sale for its Eagle Ford and Powder River assets.

Bloomberg News, citing sources familiar with the situation, reported that U.S. oil producer Devon Energy is considering a possible sale of its Eagle Ford and Powder River shale assets, which could fetch more than four billion dollars.

Investors continue to pressure Devon Energy to focus on its core Permian operations and streamline its portfolio following the recent merger with Coterra Energy. Some shareholders are urging for faster asset sales.

The report said Devon would?outline a'strategic assessment of the assets in its earnings report early August. However, it could still choose to keep the properties. No final decision has been made.

The assets are located respectively in South Texas, Wyoming and 'are not core to Devon Permian focused strategy,' the report said.

According to the report, US shale producers are selling assets to pay down debt after a wave of consolidation deals that has totaled more than $450 Billion since 2023.

Devon Energy did not respond immediately to a request for comment. (Reporting by Varun Sahay in Bengaluru; Editing by Shailesh Kuber)

(source: Reuters)