devon energy corporation (DVN) Snapshot

Devon Energy Corporation announced the promotion of two corporate officers. David A. Hager has been appointed to the position of chief operating officer. He will be responsible for all operating areas and related corporate functions. Hager, 56, has served as executive vice president, exploration and production since 2009 after serving on Devon's board of directors beginning in 2007. In addition, he served as chief operating officer of Kerr-McGee Corporation prior to its 2006 merger with Anadarko Petroleum Corp. Hager has over 30 years of oil and gas exploration and production experience. He holds a Bachelor of Science degree in Geophysics from Purdue University and a Masters in Business Administration from Southern Methodist University. Tony Vaughn has been promoted to the position of executive vice president, exploration and production. Vaughn will report to Hager and will be responsible for all of Devon's oil and natural gas exploration, drilling and production operations. Vaughn, 55, previously served as Devon's senior vice president, exploration and strategic services. Prior to joining Devon in 1999, Vaughn spent 12 years with Kerr-McGee Corporation, most recently as manager of the Rocky Mountains district. Before joining Kerr-McGee, Vaughn worked as an operations engineer for Amoco Production Company.

Devon Energy Corporation announced that its board of directors has approved a plan to form a publicly traded midstream master limited partnership (MLP). The MLP is expected to initially own a minority interest in Devon's U.S. midstream business. This business includes natural gas gathering and processing assets located in Texas, Oklahoma, and Wyoming. Devon expects the MLP to file a registration statement with the Securities and Exchange Commission (SEC) in the third quarter of 2013. Subject to market conditions, an offering of partnership units in the MLP would follow registration with the SEC. Devon will own the general partner of the MLP, all of its incentive distribution rights, and a majority of its common units following completion of the initial public offering. Devon expects to utilize proceeds from the sale of MLP common units to fund its continuing operations.

Devon Energy Corporation announced that its board of directors declared a quarterly cash dividend on the company's common stock for the third quarter of 2013. The dividend is payable on September 30, 2013 at a rate of $0.22 per share based on a record date of September 13, 2013.