​Canadian Natural buying Devon’s Canadian business for $3.8B

Facilities at Devon's Jackfish oilsands project. Image: Greg Halinda/JWN

CALGARY — Canadian Natural Resources Limited has signed a deal to buy the Canadian operations of Devon Energy Corp. for $3.8 billion.

The assets include thermal in situ oilsands production and conventional primary heavy crude oil operations located adjacent to existing Canadian Natural assets.

The production acquired under the deal totals 128,300 barrels per day, including 108,200 from thermal in situ operations and 20,100 from conventional operations.

Canadian Natural says the deal also includes 607,000 hectares of land, of which 405,000 hectares are undeveloped, providing significant upside value and opportunities.

Devon, which put its Canadian assets up for sale February, is the latest foreign company to reduce its ownership in the oilsands in recent years. Other companies that have made similar moves include Royal Dutch Shell, Statoil, Total SA, Murphy Oil and ConocoPhillips.

The transaction, which is subject to normal closing conditions and regulatory approvals, is expected to close June 27.

© 2019 The Canadian Press

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