By Bevo Beaven, Editor, Oil & Gas 360
Devon Energy Corp. (stock ticker: DVN) has completed the sale of its Canadian business segment to Canadian Natural Resources (stock ticker: CNQ) for CAD $3.8 billion, or US $2.8 billion.
Devon secured net proceeds from the deal of US $2.5 billion. The company said it plans to repatriate the net sales proceeds along with Canadian cash balances of approximately US $500 million to the U.S. to use for repayment of debt.
Devon has its Barnett Shale assets on the block as well, saying it expects to exit the assets by the end of 2019.
