Devon Makes ‘Clean Exit’ from Canada Conventionals in $2.8B Sale

摘要

Devon Energy Corp. has reached an agreement to sell most of its Canadian conventional portfolio, with proved reserves of about 170 million boe, to Canadian Natural Resources Ltd. for US$2.8 billion. Excluded are unconventional projects in the gassy Horn River Shale, Lloydminster and thermal heavy oil assets. The portfolio was marketed last year after the North American-focused operator began escalating a move to unconventional oil from natural gas. Proceeds from the Canada sale are to go toward trimming debt after Devon late last year bought Eagle Ford Shale producer GeoSouthern Energy Corp. for $6 billion (see Daily GPI, Nov. 20, 2013).