December 18, 2019 / 10:14 PM / 2 months ago

Devon Energy to book $650 million-$750 million charge tied to Barnett asset sale

FILE PHOTO: A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie, Oklahoma September 15, 2015. REUTERS/Nick Oxford - TM3EB9F0WO901

(Reuters) - U.S. oil and gas producer Devon Energy Corp said on Wednesday it expects to take a non-cash pretax charge of $650 million to $750 million in the fourth quarter related to the sale of its assets in the Barnett shale in north Texas.

The company said on Tuesday it had agreed to sell the assets to Banpu Kalnin Ventures for $770 million and also announced a new $1 billion share repurchase program.

Reporting by Shradha Singh in Bengaluru; Editing by Maju Samuel

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