Devon to sell assets in Canada to focus on Permian Basin, Eagle Ford

Oklahoma City-based Devon Energy said Wednesday it will sell its Canadian assets for $2.8 billion to Canadian Natural Resources to focus on its shale assets in Permian Basin in west Texas and Eagle Ford in south Texas and also in Oklahoma.  The transaction is expected to close in 2019Q2, and Devon said proceeds will be used for debt reduction.  The heavy oil assets in Alberta averaged 113,000 boed in 2019Q1 with proved reserves at yearend 2018 of 409 million barrels of oil.  Devon also is divesting its assets in Barnett Shale in north Texas.