OGJ Newsletter

08/06/2012
GENERAL INTEREST — Quick Takes Sumitomo eyes $1.4 billion stake in Permian plays Sumitomo Corp. will invest $1.4 billion in exchange for 30% of Devon Energy Corp.'s interest in 650,000 net acres in the Cline shale and Midland-Wolfcamp shale in the Permian basin. Sumitomo will invest $340 million in cash at closing and a further $1.025 billion in the form of a drilling carry. The drilling carry will fund 70% of Devon's capital requirements, resulting in Sumitomo paying 79% of overall drilling and completion costs during the carry period. The partnership expects to drill 40 gross wells in 2012. Based on the current work plan, Devon expects the entire $1.025 billion carry to be realized by...
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