Canadian Natural Resources has completed the acquisition of conventional assets in Canada, from Devon Energy, for around C$3.125bn.
Devon’s retained Canadian business will comprise thermal heavy oil, Lloydminster and Horn River assets.
Devon intends to use the proceeds from the transaction for the repayment of debt incurred to finance its Eagle Ford acquisition in US.
After adjusting for currency exchange and taxes associated with the sale and repatriation of the funds to the US, the company is expecting net proceeds of about $2.7bn, noted Devon.
Currently, Devon is engaged in the divestment process of its remaining non-core properties in the US.