Devon Energy secures a long-term natural gas agreement with Centrica Energy, supplying 50 Bbtu per day from 2028 for ten years. The deal links gas pricing to the European hub price, benefiting both companies with stable supply and exposure to international markets. Centrica CEO emphasizes the importance of gas as a transition fuel.

Centrica’s US subsidiary will manage the physical volumes of the deal, ensuring efficient supply handling. In a separate move, Centrica partners with Energy Capital Partners to acquire a 50% stake in the Isle of Grain LNG terminal, a vital asset for the UK’s energy security. The total enterprise value of the transaction is £1.5bn.

This acquisition aligns with Centrica’s strategy to invest in assets supporting the energy transition and providing long-term cash flows. The deal showcases the company’s commitment to sustainable energy practices and securing essential energy infrastructure.

Read more at Yahoo Finance: Centrica signs long-term agreement with Devon Energy for natural gas supply