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Image courtesy of Devon Energy.

Devon Energy Corp. said Monday it has entered into definitive agreements with undisclosed parties to monetize nearly $1 billion of non-core upstream assets.

The deal includes assets in east Texas, the Anadarko Basin and an overriding royalty interest in the northern Midland Basin.

The transactions are subject to customary terms and conditions and are expected to close in the third quarter of 2016.

The largest transaction is an agreement to divest upstream assets in east Texas for $525 million.

Net production from those properties averaged 22,000 oil-equivalent barrels per day in the first quarter of 2016, with oil accounting for 5 percent of production.

Field-level cash flow accompanying the assets, excluding overhead costs, totaled $10 million in the first quarter.

As of December 31, proved reserves associated with the east Texas properties were about 87 million boe.

In a separate transaction, the company agreed to sell its non-core position in the Anadarko Basin’s Granite Wash area for $310 million.

Net production associated with the Granite Wash properties averaged 14,000 Boe per day in the first quarter of 2016, with oil accounting for 13 percent.

Field-level cash flow accompanying the assets, excluding overhead costs, totaled $6 million in the first quarter.

As of December 31, proved reserves associated with the Granite Wash properties amounted to 31 million boe.

In the northern Midland Basin, Devon entered into an agreement to sell its overriding royalty interest across 11,000 net acres for $139 million.

Current production from the overriding royalty interest is about 1,000 boe per day.

The transaction does not include the company’s working interest across 15,000 net acres in Martin County, Texas that is being marketed separately.

Devon Energy said it expects to incur minimal taxes associated with the transactions.

“Combined with other recent asset sales, we have now announced $1.3 billion of gas-focused upstream divestitures. As we’ve said previously, proceeds from these tax-efficient transactions will be utilized to further strengthen our investment-grade financial position,” Devon Energy president and CEO Dave Hager said.

Devon said it continues to progress toward monetizing other non-core upstream assets in the Midland Basin.

Production associated with those non-core Midland Basin assets averaged about 25,000 Boe per day in the first quarter and includes the 15,000 net undeveloped acres in Martin County.

Devon said it is also in advanced negotiations to sell its 50 percent interest in the Access Pipeline in Canada.

An announcement for that deal is anticipated within the next several weeks.