Devon Energy to sell $1 billion in assets

OKLAHOMA CITY (AP) - Devon Energy Corp. plans to sell off $1 billion worth of assets to focus more on drilling in Oklahoma, west Texas and New Mexico.

The company said on Tuesday that the sales are expected to be completed during the next 18 months and will include part of its holdings in the Barnett Shale in north Texas.

Central and southern Oklahoma's Sooner Trend Anadarko Basin Canadian and Kingfisher counties fields and west Texas and New Mexico's Delaware Basin now will be Devon's focus, the company said.

CEO Dave Hager said in a statement the sales will help Devon concentrate on the highest-returning growth inventory in its portfolio.

Devon on Tuesday also reported first-quarter net income of $565 million after reporting a loss in the same period a year earlier.