Deals
Canadian Oil-Sands Giant Extends Reach in $2.8 Billion Devon Deal
- Canadian Natural buys heavy-oil assets in province of Alberta
- Oklahoma driller is turning focus back to its U.S. operations
Devon Energy Corp.'s Jackfish Projects processing plant near Conklin, Alberta.
Photographer: Jimmy Jeong/Bloomberg
This article is for subscribers only.
Canadian Natural Resources Ltd. is extending its dominance of the country’s oil and gas industry as energy mogul Murray Edwards strikes a C$3.8 billion ($2.8 billion) deal for Devon Energy Corp.’s Canadian business.
The takeover comes during a turbulent period for the oil-sands industry. It gives CNRL control over assets that had net production averaging 113,000 oil-equivalent barrels in the first quarter, the companies said Wednesday. At the end of last year, proved reserves associated with the properties amounted to about 409 million barrels.