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...Devon Energy is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company's operations are concentrated in various onshore areas in United States. The company's areas of operation include Delaware Basin, Eagle Ford, Powder River Basin and the STACK development, located primarily in Oklahoma's Canadian, Kingfisher and Blaine counties.
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