Vancouver—Canadian Natural Resources has struck an all-cash deal of C$3.125 ($2.86 billion) to buy Devon Energy’s natural gas-weighted assets in Western Canada, going against its bearish view of gas in recent years, the company announced Wednesday. Steve Laut, president of Canada’s largest independent oil and gas producer, told analysts that gas accounts for 70% of the reserves package of 272.2 million boe. “The metrics on the gas we think are very reasonable and fair,” he said.
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