Devon selling Canadian assets

The Associated Press - May 30, 2019 10:50 am

CALGARY, Alberta (AP) – Devon Energy says it is selling nearly all of its assets in Canada to Canadian Natural Resources for $2.8 billion.

The Oklahoma City-based oil and gas company included in the S&P 500 put its Canadian assets up for sale in February in a plan to focus on growth from wells drilled in U.S. shale fields.

The deal is expected to close June 27. Officials with Calgary-based Canadian Natural Resources say Devon’s “high-quality” assets will provide further balance to their production profile.

Devon’s exit from Canada follows recent asset sales there by foreign companies, including Norway’s Statoil, France’s Total SA, El Dorado, Arkansas-based Murphy Oil, and Houston-based ConocoPhillips.

 

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