Executive Decision: Devon Energy CEO Larry Nichols
“We are in the midst of an honest to goodness natural-gas rush," Cramer said Monday, "and nobody wants to be left out.”
Take, for instance, Devon Energy, which just doubled down on its North American onshore drilling business. The company is selling all of its assets in Brazil, Azerbaijan and the deepwater parts of the Gulf of Mexico to BP for a whopping $7 billion. And this is on top of Devon’s $1.3 billion sale of three Gulf of Mexico prospects to Maersk Oil back in December. Cramer thinks this is a bigger payday than Devon’s original prediction that its asset sales would bring in proceeds of $4.5 billion to $7.5 billion. Plus, the company still has another $1 billion to $1.4 billion expected to come in through sales of its remaining Gulf of Mexico and international offshore assets.
Something huge is happening in the natural-gas sector, Cramer said. And it could make investors a lot of money as more companies buy up properties and we transition toward using natural gas as a bridge fuel.
So what does Devon CEO Larry Nichols think about the future of the industry and his company’s transformation? To find out, watch the video for Cramer’s full interview.
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