Devon Energy Corp. on May 29 announced an agreement to sell its Canadian business officially kicking off the Oklahoma City-based independent energy company’s transformation.
Calgary, Alberta-based Canadian Natural Resources Ltd. agreed to buy Devon’s Canadian assets for $2.8 billion (C$3.8 billion). Devon will use proceeds from the sale, expected to close during the second quarter, to pay down debt.
Earlier this year, Devon set out to transform itself into a high-return U.S. oil growth business, which included the possible sale or spin-off of its Canadian and Barnett Shale assets. The end result, core of the core positions in these four basins: the Permian’s Delaware Basin, Stack play, Powder River Basin and Eagle Ford Shale.