Acquisitions And Divestitures

3 Months Ended

Mar. 31, 2015

Acquisitions And Divestitures [Abstract]

Acquisitions And Divestitures

2.    Acquisitions and Divestitures

Acquisition of GeoSouthern and Formation of EnLink

On February 28, 2014, Devon completed its acquisition of interests in certain affiliates of GeoSouthern Energy Corporation (“GeoSouthern”). On March 7, 2014, Devon, Crosstex Energy, Inc. and Crosstex Energy, LP (together with Crosstex Energy, Inc., “Crosstex”) completed a business combination to combine substantially all of Devon’s U.S. midstream assets with Crosstex’s assets to form a new midstream business. The new business consists of EnLink Midstream, LLC (the“General Partner”) and EnLink Midstream Partners, LP (“EnLink”), which are both controlled by Devon and are publicly traded entities.

The following unaudited pro forma financial information was prepared assuming both the GeoSouthern acquisition and the EnLink formation occurred on January 1, 2014. The pro forma information has been included for comparative purposes only and is not intended to reflect the actual results of operations that would have occurred if the business combination and acquisition had been completed at the date indicated. In addition, it does not project Devon’s results of operations for any future period.

	Three Months Ended
	March 31, 2014
	(Millions)
Total operating revenues	$	4,372
Net earnings	$	347
Noncontrolling interests	$	18
Net earnings attributable to Devon	$	329
Net earnings per common share attributable to Devon	$	0.81

EnLink Acquisitions and Dropdowns

    The following table summarizes EnLink’s acquisition and dropdown activity for the first quarter of 2015:

		Purchase Price (Millions)		Allocation (Millions)
Date	Acquiree	Cash	EnLink Units	PP&E	Goodwill	Intangibles	Other
January 31	LPC Crude Oil Marketing LLC	$100	-	$29	$25	$49	$(3)
February 17	General Partner’s 25% interest in EnLink Midstream Holdings, LP (“EMH”)	-	$925	-	-	-	-
March 16	Coronado Midstream Holdings LLC (“Coronado”)	$242	$360	$306	-	$294	$2

    In addition, on April 1, 2015, EnLink acquired the Victoria Express Pipeline and related truck terminal and storage assets (“VEX”) from Devon for approximately $180 million in cash and equity, subject to certain adjustments. EnLink also assumed approximately $35 million in certain construction costs to expand the system to full capacity.