Canadian Natural Closes Purchase Of Devon's Canadian Conventional Assets

(RTTNews) - Oil and natural gas production company Canadian Natural Resources Ltd.(CNQ,CNQ.TO) Wednesday said it has completed the acquisition of Devon Energy Corp.'s (DVN) Canadian conventional assets, excluding Horn River and the heavy oil properties, for C$3.125 billion.

The acquired properties will be immediately integrated into Canadian Natural's ongoing operations. As a result of this transaction, the high caliber Devon staffs are welcomed to join Canadian Natural's teams.

Commenting on the sale, Devon said it plans to use the sale proceeds for repaying its debts incurred to finance its Eagle Ford acquisition. Devon Energy expects $2.7 billion of net proceeds after adjusting for currency exchange and taxes associated with the sale and repatriation of the funds to the U.S.

The sale process for Devon's remaining non-core properties in the U.S. is ongoing, while it expects to open data rooms for these U.S. assets in the second quarter and conclude these divestitures by the year end.