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Devon Energy had been actively shopping the Permian Basin assets, and others in the Rockies, the past several months.
Seven years since its last assessment, additional drilling and data show the shale plays outshine the Marcellus and Utica, both of which were last assessed at the beginning of the decade.
As part of creating value, Parsley Energy is also divesting what it called “tail-end inventory” in the Southern Midland Basin for about $170 million.