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Kimmeridge Criticizes Devon Energy's Asset Sales

Bloomberg Markets •
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Activist investor Kimmeridge Energy Management Co. is calling for a faster pace in Devon Energy Corp.'s asset-sale efforts. The criticism comes in the wake of Devon's $25 billion takeover of Coterra Energy Inc., a move that Kimmeridge believes should be coupled with more aggressive divestments.

Kimmeridge, a vocal shareholder in the oil and gas sector, argues that Devon's current asset-disposal strategy is lagging. While the Coterra deal represents a significant consolidation, the investor's focus remains on maximizing shareholder value through strategic sales of non-core assets.

The investor's stance puts pressure on Devon's management to accelerate its plans, potentially impacting future deal-making and the company's overall portfolio strategy. Investors will be watching to see if Devon alters its approach to asset divestitures following this public critique.