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.
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Permalink Reply by ALongview on -
graysands, Why would they have sold into the core area for Petrohawk and then come in and lease 500k acres 2-3 years later?
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