U.S. Markets closed

Devon Energy launching new entity

OKLAHOMA CITY (AP) -- Devon Energy Corp. says it is launching a new publicly-traded limited partnership that will include natural gas gathering and processing assets in Oklahoma, Texas and Wyoming.

The Oklahoma City-based company said Thursday it expects the master limited partnership to register with regulators in the third quarter of the current business year.

The company says it plans to make a public offering after the registration and says money raised will be used for continuing operations.

The partnership is expected to own a minority position in Devon's domestic midstream business and Devon itself will own the general partner. Devon will retain distribution rights and hold a majority of the partnership after the initial offering.