Less than ten days after announcing nearly US$1 billion in non core divestitures Devon Energy announced definitive agreements to sell its remaining non core assets in the Midland Basin for US$858 million. The company's northern Midland Basin properties were sold to Pioneer Natural Resources for US$435 million and the southern Midland Basin properties were sold to an undisclosed buyer for US$423 million. Together with the company's earlier sales total announced non core divestments amount to US$2.1 billion. The company's divestment initiative is intended to simplify its portfolio and reduce leverage after spending US$2.5 billion (46% cash) on tight oil acquisitions in December 2015. Devon plans to utilise two thirds of the asset sales' proceeds to strengthen its balance sheet and the remaining one third for reinvestment in its primary Lower 48 resource plays namely the Delaware Basin and STACK play in Oklahoma.