US-based Devon Energy has completed the sale of its ownership interests in EnLink Midstream Partners and EnLink Midstream for $3.125bn to affiliates of Global Infrastructure Partners (GIP), an infrastructure fund manager.
Image: A natural gas pipeline project. Photo: courtesy of outgunned21/Freeimages.com.
With the closing of this transaction, the financial results of EnLink Midstream will no longer be consolidated with Devon’s upstream business and historical results related to EnLink will be presented as discontinued operations in the company’s consolidated financial statements.
Devon will provide pro forma financial statements for its upstream business in a separate Form 8-K filing in the near future.
As previously announced, in conjunction with the EnLink transaction, Devon’s board of directors has authorized an increase in the company’s share-repurchase program to $4 billion.
With this increased authorization, the company plans to utilize an accelerated share-repurchase program and will provide additional details on this initiative within its second-quarter earnings materials.
Source: Company Press Release