The company also agreed in August to sell 30% of its interest in about 650,000 net acres in the oil-rich Cline and Midland-Wolfcamp Shales in West Texas to Japan's Sumitomo Corp. in a deal valued at about $1.4 billion.And so it goes. We are selling our debt (bonds) to China, and our oil and gas to China and Japan.
Oh, the reason for the steeper-than-expected revenue decline:
Devon has seen its bottom line weaken in recent quarters on hedging losses. And like a number of energy producers, the company has turned its attention to oil as natural-gas prices remain weak. Last month, Devon unveiled plans to consolidate its U.S. exploration and production operations group at its Oklahoma City headquarters by the end of the first quarter, resulting in the closing of its Houston office.By the way, does this paragraph in the story mean anything to anybody (it preceded the explanation for the revenue decline):
Devon Energy Corp. swung to a third-quarter loss on a large asset-impairment charge as the independent oil and gas producer posted a steeper-than-expected revenue decline.That's a rhetorical question; don't answer. Your time is better spent pondering why we are selling our energy assets to Japan and China. That's rhetorical, also.
