U.S. oil and gas producer Devon Energy Corp said on Wednesday it would sell its ...
- U.S. oil and gas producer Devon Energy Corp said on Wednesday it would sell its Canadian assets to Canadian Natural Resources Ltd for C$3.8 billion in cash to focus purely on U.S. production.
Devon’s investments have been in the so-called SCOOP and STACK regions, fast-growing shale oil basins in Oklahoma that have attracted investment from crude producers expanding beyond the Permian. Canadian Natural Resources, the biggest Canadian oil and gas producer by volume, said its acquisition of the assets, which are adjacent to its operations and include 1.5 million acres of land, would save C$135 million in costs over the next year.
The assets will provide economies of scale and allow Canadian Natural to boost production even as Alberta has imposed mandatory oil curtailments this year due to pipeline constraints, Laut said. J.P. Morgan Securities LLC and Goldman Sachs served as Devon’s financial adviser, while TD Securities was the financial adviser to Canadian Natural.
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