Oil and gas producer Devon Energy Corp. stated that it has planned to divest its Gulf of Mexico and international assets, which will help in creating after –tax proceeds of $4.5 billion to $7.5 billion.

President of the company, Mr. John Richels informed investors that the company will spend between $200 million and $275 million for the reorganization.

This repositioning of the company’s assets will help in maintaining a similar reserve and production balance between oil and gas.

John further added in a statement, “Following the divestitures, Devon will be uniquely positioned to deliver high organic growth on a sustainable basis, funded entirely with internally generated funds.”

The Oklahoma City based Devon Energy registered a fall in sales by 54% from oil, gas and natural gas in the third quarter.