GENERAL INTEREST — Quick Takes
Devon to sell conventional assets for $2.8 billion
Devon Energy Corp., Oklahoma City, has agreed to sell the majority of its Canadian conventional assets to Canadian Natural Resources Ltd. for $2.8 billion. Proved reserves associated with the divesture are about 170 million boe, said the company.
Upon close of the transaction, Devon said it would use the proceeds to repay debt incurred to finance its 2013 Eagle Ford acquisition (OGJ Online, Nov. 20, 2013). The company expects $2.7 billion to be repatriated to the US. after taxes and exchange rate adjustments.
"This agreement represents a significant step forward in the execution of our non-core divest...