Devon Energy to sell EnLink Midstream interests for $3.13 billion: Reuters

Oil and gas producer Devon Energy Corp (DVN.N) said on Wednesday it plans to sell its interests in EnLink Midstream to an affiliate of fund manager Global Infrastructure Partners for $3.13 billion in cash.

Devon’s plan to sell interests, which includes its stakes in EnLink Midstream Partners LP (ENLK.N) and EnLink Midstream LLC (ENLC.N), comes at a time when the company is simplifying its asset portfolio and returning cash to shareholders.

The company also increased its share repurchase program by $3 billion, up from its previously announced $1 billion.

The buyback increase is conditional upon closing of the EnLink transaction, the company said in a statement.

Devon said the EnLink sale will reduce its debt by 40 percent. The company’s total long-term debt by the end of 2017 was $10.29 billion, according to the company’s latest annual filing.