Updated to reflect Devon Energy $2.2 billion shale spin to Sinopec
NEW YORK (TheStreet) --
For the one-third shale stake, Sinopec will pay Devon Energy $900 million in cash and a further $1.6 billion in payments for drilling expenditures through 2014, roughly 70% of the projects exploration costs. The deal, along with a similar shale sale by Chesapeake Energy (CHK) to Total (TOT) of France on Tuesday signals that energy deals may stay hot in 2012 as foreign companies cut U.S. deals to bolster their reserves and build new drilling skills.
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