Devon Energy raises shelf to $1.5 billion of debt, stock, preferred, units

New York, Feb. 21 - Devon Energy Corp. increased its shelf registration with the Securities and Exchange Commission to $1.5 billion of common stock, preferred stock, debt securities, stock purchase agreements and stock purchase units along with trust preferred securities of Devon Financing Trust II and debt securities of Devon Financing Corp., ULC. The preferred stock, trust preferreds and debt securities may be structured as convertibles

The total size includes $447.26 million of previously registered but unsold securities.

The Oklahoma City, Okla. oil and gas company said it would use proceeds for general corporate purposes which may include repayment of debt, working capital, capital expenditures and acquisitions.

For the nine months to Sept. 30, 2001, Devon had an earnings to fixed charge ratio of 8.87 times compared to 7.39 times for all of 2000.

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