Devon Energy in the Haynesville Shale

Devon Energy upgraded to Buy at Jefferies & Co; tgt raised to $100 . Jefferies upgraded DVN to Buy from Hold and increased their tgt to $100 from $94. The firm believes that Haynesville Shale could develop into the next growth driver for DVN replacing the maturing Barnett. The firm notes that DVN's strong liquidity positions the Co to take advantage of acquisition opportunities in a tight credit and depressed commodity price environment. Devon is taking steps to increase its exposure to select North American Shale plays. In the fourth quarter, DVN is spending ~$1.0 billion to add to its acreage position in Haynesville and two undisclosed plays.

Link:
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landownerPermalink Reply by ALongview on December 9, 2008 at 2:52
graysands, Why would they have sold into the core area for Petrohawk and then come in and lease 500k acres 2-3 years later?

Oil & Gas ProPermalink Reply by HBP on December 9, 2008 at 3:09
Because even the companies were trading deals prior to 2008 absent any true Haynesville valuation. I know there were others that closed as late early 2008 w/o specific Haynesville valuations.

Oil & Gas ProPermalink Reply by HBP on December 9, 2008 at 3:49
One of the best examples.

Oil & Gas ProPermalink Reply by The_Baron on December 9, 2008 at 5:43
I like your new avatar earl.

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