Devon Energy completes sale of Canadian business
OKLAHOMA CITY -- Devon Energy Corp. has announced that it has completed the sale of its Canadian business to Canadian Natural Resources Limited for $2.8 billion. Devon received net proceeds of $2.5 billion, after adjusting for purchase price adjustments and estimated taxes associated with the sale. The company plans to repatriate the net sales proceeds along with Canadian cash balances of approximately $500 million to the U.S. to repay debt.
To complete the company’s transformation to a high-return U.S. oil growth business, Devon continues to advance the divestiture process for its Barnett Shale gas assets in north Texas. The Barnett assets are currently being marketed and the company expects to exit the assets by the end of 2019.
