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Devon Selling Operations In Africa
posted 10:22 am Wed April 09, 2008 - Oklahoma City
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Oklahoma City-based Devon Energy is selling its oil and natural gas business in the African nation of Equatorial Guinea for 2.2 billion dollars.
Devon officials say after taxes the company will get about 1.7 billion dollars to use to reduce debt, buy back stock and to pay for ongoing exploration and production efforts.
The sale is to GEPetrol which is Equatorial Guinea's national oil company.
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