Devon Energy Corporation (NYSE:DVN) today announced that it has completed the sale of its Canadian conventional assets to Canadian Natural Resources Limited for C$3.125 billion. The company’s retained Canadian business will consist of its thermal heavy oil, Lloydminster and Horn River assets.
The company plans to repatriate the proceeds to the U.S. for use in the repayment of debt incurred to finance its Eagle Ford acquisition. The company expects net proceeds of US$2.7 billion after adjusting for currency exchange and taxes associated with the sale and repatriation of the funds to the U.S.
The divestiture process for the company’s remaining non-core properties in the U.S. is ongoing. Devon expects to open data rooms for these U.S. assets in the second quarter and complete these divestitures by year end.