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Linn Snaps Up Devon’s Noncore Assets For $2.3 Billion

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By Emily Moser, Hart Energy
June 30, 2014

Devon Energy Corp. (NYSE: DVN) finished cleaning house by selling its remaining noncore U.S. assets to Linn Energy LLC (NASDAQ: LINE) and LinnCo LLC (NASDAQ: LNCO) for $2.3 billion, the companies announced June 30.

The deal, which includes properties in the Rockies, onshore Gulf Coast and Midcontinent regions, completes a round of asset sales announced by Oklahoma City-based Devon last year following a $6 billion purchase in the Eagle Ford Shale.

The divestitures have generated more than $5 billion of proceeds to the company at an accretive multiple of nearly ...

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