Devon completes Canadian conventional assets sale

Devon Energy Corp., Oklahoma City, has completed the sale of its Canadian conventional assets to Canadian Natural Resources Ltd. for $3.125 billion (Can.) (OGJ Online, Feb. 19, 2014).

Devon’s retained Canadian business will consist of its thermal heavy oil, Lloydminster, and Horn River assets.

The company plans to repatriate the proceeds to the US for use in the repayment of debt incurred to finance its Eagle Ford acquisition (OGJ Online, Nov. 20, 2013). The company expects net proceeds of $2.7 billion after adjusting for currency exchange and taxes associated with the sale and repatriation of the funds to the US.

Devon’s divestiture process will continue as the company expects to open data rooms for these US assets in the second quarter and complete these divestitures by yearend.

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