Devon Energy (DVN)

Danish shipping and oil group A.P. Moller-Maersk has completed an acquisition of a 25 percent stake in the Jack oilfield in the Gulf of Mexico from Devon Energy for $300 million. Maersk's further investment in field seen rising to $1 billion.
The purchase is part of a push by Maersk's oil arm to diversify its production portfolio beyond its North Sea home base. "Most of the investment will lead up to the production start, which is planned for 2014," Maersk Oil Chief Executive Jakob Thomasen told Reuters.

Feb 10 · 3:26:00 PM · Source: Reuters
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by Michael Oliveto