Devon Energy Corp. has again fiddled with the timing of its Barnett Shale exit, saying on Aug. 4 that it will complete its deal with Kalnin Ventures LLC and backer Banpu Pcl of Thailand earlier than expected.

The deal, potentially worth up to $830 million, will now close at the beginning of October rather than the end of the year. The Oklahoma City-based E&P company said it expects to receive a net cash payment of $300 million at closing on Oct. 1, which will coincide with a special dividend to shareholders worth $100 million.

The companies had most recently postponed finalizing the deal until Dec. 31. The transaction, first announced in December 2019, was originally meant to close in the second quarter before a destructive oil price war and global pandemic threw the industry off-kilter.

Already have an account? Log In

Thanks for reading Hart Energy.

Sign Up now to get unmatched coverage of the oil and gas industry’s entire landscape.

Free Access