BUSINESS HEADLINES

Taking Care of Business: Devon sells Enlink interest

By Kristen Tribe | Published Saturday, July 21, 2018
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Devon Energy Corp. sold its ownership interests in EnLink Midstream Partners, LP and EnLink Midstream, LLC for $3.125 billion to affiliates of Global Infrastructure Partners (GIP), a leading global, independent infrastructure fund manager.

Devon announced the sale in a press release Wednesday.

“With the closing of this transaction, the financial results of EnLink Midstream will no longer be consolidated with Devon’s upstream business and historical results related to EnLink will be presented as discontinued operations in the company’s consolidated financial statements,” the press release stated.

The press release also said “in conjunction with the EnLink transaction, Devon’s board of directors authorized an increase in the company’s share-repurchase program to $4 billion.

“With this increased authorization, the company plans to utilize an accelerated share-repurchase program.”

The move improves Devon’s overall balance sheet and profitability, reducing its debt significantly, and due to the size of the buyback, the company’s stock could go up significantly over the next year.

Devon is headquartered in Oklahoma City, but has an office in Bridgeport. EnLink has a plant on U.S. 380 west of Bridgeport.

HAYHURSTS ARE HAPPENIN’

The Hayhurst Brothers are opening a retail store and workshop in Bridgeport. Hayhurst Brothers Design and Build will have a grand opening celebration 6 to 7:30 p.m. Friday.

Drop in at 1305 10th Street for finger foods, Trinity Street Coffee and a splash of whiskey.

Later that night the Hayhursts will make their premiere on the reality show “Texas Flip N Move.” It airs at 8 p.m. on the DIY Network.

Standing Out

STANDING OUT – Scott Bailey, who works in the service department at Klement Ford, was recently presented with the Ford Employee Excellence Level 3 award for 2017 by sales manager Joe Redwine. Submitted photo

EMPLOYEE EXCELLENCE

Klement Ford’s Scott Bailey was recently presented with the Ford Employee Excellence Level 3 Award for the 2017 sales year.

The award recognizes Bailey for his dedication to exceeding customers’ expectations in service as an ambassador of Ford Motor Company. The commemorative award was accompanied with a framed image of Henry Ford, founder of Ford Motor Company, and signed by president and chief executive officer Jim Hackett.

CHICK-FAIL

“Mom, guess how they spelled your name,” my daughter said after we picked up a Chick-fil-A order in the drive through.

I’m used to my name being misspelled and often mispronounced. Therefore, I answer to all variations – Kristi, Christina, Kirsten, Christian and even Tristan.

Keeping that in mind, I began rattling off one of the most common variations.

“C – H – R – I – …”

My daughter cut me off – “Nope.”

“C – H – I – R – T – E – N.” This was followed by peals of laughter.

Chirten.

Days without Chick-fil-A in Wise County: 202.

Kristen Tribe is the Assistant Publisher of the Wise County Messenger. If you have a tip for TCB, email ktribe@wcmessenger.com or call 940-627-5987.

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