Devon Energy Completes Sale of Canadian Business
June 27 2019 - 4:30PM
Devon Energy Corp. (NYSE: DVN) today announced that it has
completed the sale of its Canadian business to Canadian Natural
Resources Limited for CAD $3.8 billion, or USD $2.8 billion. Devon
received net proceeds of USD $2.5 billion, after adjusting for
purchase price adjustments and estimated taxes associated with the
sale. The company plans to repatriate the net sales proceeds along
with Canadian cash balances of approximately USD $500 million to
the U.S. to repay debt.
To complete the company’s transformation to a
high-return U.S. oil growth business, Devon continues to advance
the divestiture process for its Barnett Shale gas assets in north
Texas. The Barnett assets are currently being marketed and the
company expects to exit the assets by the end of 2019.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the federal securities laws. Such
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the company.
These risks include, but are not limited to: the amount of net
proceeds and other cash ultimately repatriated, and the ultimate
use of such cash; changes in commodity prices, market conditions or
other circumstances that could negatively impact the company’s
ability to complete the anticipated debt repurchase; our ability to
successfully exit the Barnett assets and the timing of any such
transaction; and the other risks identified in the Company’s Annual
Report on Form 10-K and its other filings with the Securities and
Exchange Commission (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 hereof, and the
company does not undertake any obligation to update the
forward-looking statements as a result of new information, future
events or otherwise.
About Devon Energy
Devon Energy is a leading independent energy
company engaged in finding and producing oil and natural gas. Based
in Oklahoma City and included in the S&P 500, Devon operates in
several of the most prolific oil and natural gas plays in the U.S.
with an emphasis on achieving strong returns and capital-efficient
cash-flow growth. For more information, please visit
www.devonenergy.com.
Investor ContactsScott Coody, 405-552-4735Chris
Carr, 405-228-2496 |
Media ContactJohn Porretto, 405-228-7506 |
Devon Energy (NYSE:DVN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Devon Energy (NYSE:DVN)
Historical Stock Chart
From Apr 2023 to Apr 2024