Power Play

NewsOK | BLOGS

Devon completes sale of Canadian assets

by Jay F. Marks Published: April 2, 2014
Advertisement
;

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.

by Jay F. Marks
Energy Reporter
Jay F. Marks has been covering Oklahoma news since graduating from Oklahoma State University in 1996. He worked in Sulphur and Enid before joining The Oklahoman in 2005. Marks has been covering the energy industry since 2009.
+ show more


Trending Now


AROUND THE WEB

  1. 1
    Big 12 football: K-State's Snyder among nation's most underrated coaches in ESPN poll
  2. 2
    Texas A&M fan wearing what appears to be a chain mail jersey
  3. 3
    Satanic black mass seeks to free people from influence of God, organizer says
  4. 4
    Owasso beats Jenks for first time since 1993; Union rolls past BA
  5. 5
    Tulsa police officer recounts saving man from dog mauling
+ show more