Canadian Natural buys Devon Assets for $2.8 billion

2/19/2014

Canadian Natural buys Devon Assets for $2.8 billion

BY WILL KENNEDY

CALGARY, Canada (Bloomberg) -- Canadian Natural Resources Ltd. agreed to buy Devon Energy Corp.’s conventional oil and gas fields in Canada for C$3.1 billion ($2.84 billion) in cash.

The deal will add crude oil production near Canadian Natural’s existing fields in western Canada, the Calgary-based company said in a statement today. In total, Canadian Natural will add production equivalent to 86,633 barrels of oil a day.

“This acquisition provides immediate value to shareholders through production and cash flow,” Canadian Natural President Steve Laut said.

Devon hired investment bank Scotia Waterous to sell conventional oil and gas assets in British Columbia, Saskatchewan and Manitoba. The Oklahoma City-based producer will retain heavy-oil properties in Canada.

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