Proceeds will go to share buybacks
Devon Energy (ticker: DVN) continued its divestiture program today with the largest deal so far, valued at $3.125 billion.

Devon will sell its interest in EnLink Midstream (ticker: ENLC) to privately held Global Infrastructure Partners (GIP). The sale significantly simplifies Devon’s holdings.

EnLink is a major midstream company which handles much of Devon’s production. It was originally formed through a merger of Devon’s midstream assets and Crosstex Energy.

EnLink has extensive assets in the SCOOP/...

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