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Devon completes sale of Canadian assets

Jay F. Marks Published: April 2, 2014
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Devon Energy Corp. has completed the sale of some of its Canadian assets, the company announced Wednesday.

Devon expects to net about $2.7 billion from the deal with Canadian Natural Resources Limited for its conventional assets in Canada.

The company plans to return that money to the United States to help pay for its $6 billion acquisition of acreage in south Texas’ oil-rich Eagle Ford shale.

Devon is focusing its attention on its five core operating areas in Oklahoma, Texas and Canada’s oil sands, along with developing liquids plays in northern Oklahoma and Wyoming.

The company has said it intends to sell off its other holdings, which are not expected to yield material production growth, by the end of this year.