Devon To IPO MLP Of Marketing, Midstream Assets

Devon Energy Corp., Oklahoma City, (NYSE: DVN) plans to form and IPO an MLP that will hold a minority interest in Devon's U.S. onshore marketing and midstream business. The business includes gas-gathering and -processing assets in Texas, Oklahoma, Wyoming and Montana. A Devon subsidiary will be general partner of the MLP and Devon plans to own a majority of the partnership units following completion of the IPO. Devon will continue to own a majority interest in its domestic onshore marketing and midstream business.