Devon Energy launching new entity
Devon energy launching new limited partnership for natural gas business
OKLAHOMA CITY (AP) -- Devon Energy Corp. says it is launching a new publicly-traded limited partnership that will include natural gas gathering and processing assets in Oklahoma, Texas and Wyoming.
The Oklahoma City-based company said Thursday it expects the master limited partnership to register with regulators in the third quarter of the current business year.
The company says it plans to make a public offering after the registration and says money raised will be used for continuing operations.
The partnership is expected to own a minority position in Devon's domestic midstream business and Devon itself will own the general partner. Devon will retain distribution rights and hold a majority of the partnership after the initial offering.
