Devon MLP to own US midstream interests

Devon Energy Corp. will form a publicly traded master limited partnership initially to own a minority interest in the company’s US midstream business.

In the US, Devon owns six gas plants in Texas, Oklahoma, and Wyoming and gathering pipelines.

Devon said it expects to file a registration with the US Securities and Exchange Commission in this year’s third quarter. An offering of partnership units will follow registration, subject to market conditions.

Devon will own the MLP general partner, all of its incentive distribution rights, and a majority of its common units after the initial public offering.

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