U.S. Markets closed

Devon Energy closes on $1.4B JV deal with Sumitomo

OKLAHOMA CITY (AP) -- Oil and gas company Devon Energy Corp. said Thursday that it has closed on its $1.4 billion joint venture agreement with Japanese investment firm Sumitomo Corp.

Sumitomo will invest $1.4 billion in exchange for 30 percent of Devon's interest in its projects on 650,000 acres in Texas energy fields.

The Japanese firm has invested $410 million in cash thus far and will invest the remaining $980 million in payments for Devon's drilling costs.

Shares of Devon, which is based in Oklahoma City, added $1.72, or 2.9 percent, to $60.72 in afternoon trading.