OKLAHOMA CITY--(BUSINESS WIRE)--Apr. 2, 2014--
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.
Source: Devon Energy Corporation
Devon Energy Corporation
Investor Contacts
Scott Coody,
405-552-4735
or
Shea Snyder, 405-552-4782
or
Media
Contact
Chip Minty, 405-228-8647