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Devon Energy board approves plan to form midstream MLP

Devon Energy disclosed in a regulatory filing that its board of directors has approved a plan to form a publicly traded midstream master limited partnership. The MLP is expected to initially own a minority interest in Devon’s U.S. midstream business. Devon expects the MLP to file a registration statement with the SEC in Q3. 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.