Hikes share buyback to 5 bln usd (Il Sole 24 Ore Radiocor) - New York, 08 Jul - Devon Energy said that the transaction significantly expands its position in the Williston Basin with the addition of 307,000 net acres.

Production from the acquired properties is expected to be maintained at approximately 100,000 barrels oil equivalent per day, 55% oil, in 2025.

Devon expects to realize up to 50 million dollars in average annual cash flow savings from operating efficiencies and marketing synergies.

Due to the accretive nature of the transaction to free cash flow, Devon's board has expanded its share-repurchase authorization by 67% to 5 billion dollars through mid-year 2026. The company also expects this acquisition to be accretive to the company's dividend payout in 2025 and beyond, it added.

The company plans to improve its financial strength by allocating up to 30% of its annual free cash flow towards reducing 2.5 billion dollars of debt over the next two years.

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(RADIOCOR) 08-07-24 19:32:05 (0615) 5 NNNN