Devon Energy Completes Sale of Canadian Conventional Assets
April 02 2014 - 5:00AM
Business Wire
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.
Devon Energy Corporation is an Oklahoma City-based independent
energy company engaged in oil and gas exploration and production.
Devon is a leading U.S.-based independent oil and gas producer and
is included in the S&P 500 Index. For additional information,
visit www.devonenergy.com.
This press release includes "forward-looking statements" as
defined by the Securities and Exchange Commission (SEC). Such
statements are those concerning strategic plans, expectations and
objectives for future operations. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that the company
expects, believes or anticipates will or may occur in the future
are forward-looking statements. Such statements are subject to a
number of assumptions, risks and uncertainties, many of which are
beyond the control of the company. These risks are identified in
our Form 10-K and our other filings with the SEC. Investors are
cautioned that any such statements are not guarantees of future
performance and that actual results or developments may differ
materially from those projected in the forward-looking statements.
The forward-looking statements in this press release are made as of
the date of this press release, even if subsequently made available
by Devon on its website or otherwise. Devon does not undertake any
obligation to update the forward-looking statements as a result of
new information, future events or otherwise.
Devon Energy CorporationInvestor ContactsScott Coody,
405-552-4735orShea Snyder, 405-552-4782orMedia ContactChip Minty,
405-228-8647
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