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Canadian Natural Resources Closes Acquisition of Substantially All of the Assets of Devon Canada.

M2 EQUITYBITES-July 2, 2019-Canadian Natural Resources Closes Acquisition of Substantially All of the Assets of Devon Canada


2 July 2019 - Canada-based oil and natural gas production company Canadian Natural Resources Ltd has closed the acquisition of substantially all of the assets of Devon Canada Corp., the company said.

This deal was announced in May.

The cash purchase price was CDN 3.775bn (USD 2.88bn).

Canadian Natural brings approximately 720 Devon employees to its thermal in situ, primary heavy oil and Calgary head office teams.

The acquired production, infrastructure and land will add to Canadian Natural's existing thermal in situ and primary heavy oil areas providing synergies to more effectively and efficiently operate, upon full integration of the employees and the assets.

Canadian Natural is a senior oil and natural gas production company, with continuing operations in its core areas located in Western Canada, the UK portion of the North Sea and Offshore Africa.

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Publication:M2 EquityBites (EQB)
Date:Jul 2, 2019
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