Devon Energy sells shale oil assets in Texas

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Devon Energy sells shale oil assets in Texas

An Oklahoma City-based energy company agreed to sell $340 million in oil and gas assets as the sector continues to grapple with stubborn oil prices.

Devon Energy said Monday that it had offloaded energy producing resources located in the Eagle Ford shale in Lavaca County, Texas.

Altogether, the company said it had was about a third of the way through a previously announced plan to shed $1 billion in assets.

So far, Devon Energy has dispensed with properties that produced the equivalent of about 4,000 barrels of oil per day, totaling about $30 million in annual cash flow.

The company is also seeking to sell assets in the Barnett Shale region in Johnson County Texas.

The moves come amid a prolonged period of low oil prices, which have traded in the $40 to $50 range this year as a global surplus of petroleum production lingers.

Still, many shale energy companies are able to turn a profit at that price range, experts say.

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