Canadian Natural Agrees to Purchase Devon's Canadian Assets; CNQ Fair Value Unchanged
Canadian Natural Resources entered into an agreement with Devon Energy to acquire virtually all of the assets of Devon Canada for $2.8 billion (CAD 3.8 billion). The transaction is effective Jan. 1, 2019, with a targeted closing date of June 27, 2019. Under the deal, Canadian Natural will obtain a 100% working interest in the Jackfish steam-assisted gravity drainage oil sands project, which has an approved production capacity of 120 thousand barrels of oil per day; a 95% interest in 20 mbbl/d of...Canadian Natural Resources is an independent crude oil and natural gas exploration, development and production company. Co.'s exploration and production operations are focused in North America, largely in Western Canada; the U.K. portion of the North Sea; and CA'te d'Ivoire, Gabon, and South Africa in Offshore Africa. Co. had total proved reserves of 5.71 billion barrels of oil equivalent. Co.'s gross proved crude oil, bitumen (thermal oil), synthetic crude oil and natural gas liquids reserves totaled 4.70 billion barrels and its gross proved natural gas reserves totaled 6,106.00 billion cubic feet.
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