Canadian Natural to buy Devon Energy’s assets in Canada for $3.8-billion

Jimmy Jeong/Bloomberg News

U.S. oil and gas producer Devon Energy Corp said on Wednesday it would sell its Canadian assets to Canadian Natural Resources Ltd for $3.8-billion in cash as part of an ongoing effort to become a pure-play oil producer. Devon is among several oil producers to invest in the SCOOP and STACK regions, a fast-growing shale oil play in the Anadarko basin in the United States that has attracted investment from crude producers expanding beyond the Permian.

“The sale of Canada is an important step in executing Devon’s transformation to a U.S. oil growth business,” Chief Executive Officer Dave Hager said.Devon’s Canadian portfolio consists of heavy oil assets principally located in the province of Alberta, with daily net production averaging 113,000 oil-equivalent barrels in the first quarter of 2019.

“The assets provide us the opportunity to add value through synergies ... with targeted benefits of $135-million on an annualized basis,” Canadian Natural Resources President Tim McKay said in a statement.J.P. Morgan Securities LLC and Goldman Sachs served as financial advisers to Devon on the deal, while TD Securities was the financial adviser to Canadian Natural.Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Canada's Clean Energy Sector Is Among Its Fastest Growing: ReportThe industry eclipses mining and oil-and-gas extraction in terms of jobs, a new study suggests. Do better Canada we can do more and keep in mind that Canada has the dirtiest oil in the world - so no one is in a hurry to get that going any time soon Nice. Let's keep those numbers gping up!
Source: HuffPostCanada - 🏆 61. / 53 Read more »

Canada's amazing—and invisible—green energy sector - Macleans.caTabatha Southey: Clean energy attracts billions in investment every year, employs many thousands of Canadians, and grows more than the rest of the economy. Why doesn't Canada care? Back of the line. Clean energy is an opinion Oil and Gas invests billions into high-tech enviro solutions &should get some care too😍, for all the jobs provide including a spin off of in other industries & actually provides real cash transfer payments to less fortunate provinces Because at the same time you vilify and debase oil & gas. Create climate BS emergencies. Less uptake due to higher prices to “do the right thing” for the environment. Yeah. Shove it 💪🏻 Invisible!?
Source: macleans - 🏆 19. / 71 Read more »

Why Nurse Practitioner is Canada's Best Job in 2019 - Canadian BusinessThere’s plenty of opportunity for career advancement—and to make a difference in patients’ lives. (via cdnbiz)
Source: macleans - 🏆 19. / 71 Read more »