Devon Energy announced today it agreed to sell US$2.8 billion in conventional Canadian assets to oil and gas producer Canadian Natural Resources Limited. The assets being sold include proved reserves of approximately 170 million barrels. Devon will hold on to its Horn River, Lloydminster and thermal heavy oil assets in Canada. The company said in a statement it would complete additional divestitures in the U.S. by year’s end.
Devon said it would use the proceeds from the sale of Canadian assets to help finance its $6 billion acquisition of GeoSouthern Energy’s assets in the Eagle Ford shale, a transaction that was announced in November. The deal with Canadian Natural Resources Limited is expected to close in the second quarter of 2014.
