Devon Energy Corp. revealed details of its strategy to monetize all outstanding Gulf of Mexico and international assets today, Monday, Nov. 16. Following this divestiture, DVN – an Oklahoma based energy company engaged in oil and gas exploration, will channel the capital generated into its U.S. and Canada onshore infrastructure.

DVN will elaborate further on its bold new strategy to effectively trim its cost structure and sculpt its balance sheet in a conference call webcast on the DVN corporate site at 9 a.m. CST (10 EST). On the agenda for this conference call will be the 2010 outlook and capital budget, a revised analysis of DVN’s resource potential, and the repositioning of the company following its divestiture of assets.

The assets in question comprise roughly 7% of the company-wide proved reserves for year-end 2009, which is 2.8 billion barrels of oil equivalent (Boe). DVN’s portfolio of oil and natural gas

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I don't own these 2 names directly but do own peers, and these are bellweathers for their sectors so I thought I'd post them. One thing to note today - despite great numbers, the stocks are not reacting. Hence, we could be prone for a pullback shortly in these names. When stocks do not react to great news, that is a potential change in character, just like when stocks shake off bad news and go up. The charts in "commodities" despite some pullback, are still quite overextended and yesterday's call of Goldman $150-$200 oil [Goldman Sachs: Gasoline Not Driving Oil Price - Oil Going to $150-$200] would be the perfect catalyst to mark a near term top... Despite my Kool Aid infusion I am still quite bearish and I view this period akin to Sep/Oct 2007 when we partook in the foolishness to make money but ...