U.S. oil and gas producer Devon Energy Corp. said Dec. 18 it expects to take a non-cash pretax charge of $650 million to $750 million in the fourth quarter related to the sale of its assets in the Barnett Shale in North Texas.
The company agreed a day prior to sell the assets to Kalnin Ventures LLC for $770 million and also announced a new $1 billion share repurchase program.
Both the COVID-19 pandemic and the oil price crash have had a deep impact on what E&Ps and their lenders expect compared to what they thought last fall, according to a Haynes and Boone report.
Following Ken Mariani’s retirement, effective April 3, Martyn Willsher, who currently serves as the company’s CFO, will serve as interim CEO of Amplify Energy.
Liberty Oilfield Services is cutting its workforce by 7%, while NCS Multistage plans to plans to reduce its workforce by 20%, the oilfield service companies said April 2.