Saturday, May 8, 2010

Devon Energy (NYSE:DVN) Ready to Fly

Devon Energy (NYSE:DVN) made a great move (in hindsight) when they divested of their holdings in the Gulf of Mexico before the unfortunate accident which brought down the oil rig Deepwater Horizon, which while lucky, still has strong, positive repercussions for Devon going forward, specifically with how they're making use of their extra capital, and have prepared for solid, organic growth for some time to come.

With their $9.9 billion in capital as a result of selling their Gulf assets, Devon has been buying back stock in the company, with $3.5 billion used for that purpose.

The strong balance sheet of Devon, along with a good mix of oil and gas assets, and their low operational costs, has positioned them to be among the best in the natural gas sector for some time to come.

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