Devon Energy completed the $2.8 billion, all-cash sale of its Canadian business
to Canadian Natural Resources Ltd on June 27. The Oklahoma City-based company
received net cash proceeds of $2.5 billion, which it plans to repatriate to the US, along
with cash balances of approximately $500 million from its Canadian operations,
to pay down debt. The sale has
a Jan. 1 effective date.
The divested assets, located in
Alberta, consist of the Jackfish thermal heavy oil complex, conventional heavy oil
operations in......
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