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Sunday, January 24, 2021

Linn Energy selling $2.3 billion in assets to finance Devon Energy purchase

 

HOUSTON (AP) — Linn Energy LLC is selling several assets for $2.3 billion, with proceeds likely to be used to finance its purchase of some U.S. oil and gas properties from Devon Energy Corp.

Linn Energy said Friday that it signed a deal to sell its entire position in the Granite Wash and Cleveland properties in the Texas Panhandle and western Oklahoma to affiliates of EnerVest Ltd. for $1.95 billion. It is also selling its Wolfberry positions in the Permian Basin to Fleur de Lis Energy LLC for $350 million.

Houston-based Linn Energy said the sales are expected to close in the fourth quarter.

In June Linn Energy agreed to buy properties from Devon Energy including those in the Rockies, onshore Gulf Coast and Mid-Continent region.

 

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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