U.S. Devon Energy announced on Wednesday an agreement to sell its Canadian business to Canadian Natural Resources for C$3.8 billion, or US$2.8 billion, as part of its plan to focus on growing its oil production in the United States. As part of the exit from Canada, Devon Energy will sell its heavy oil assets, most of which are located in Alberta, with net production averaging 113,000 oil-equivalent barrels in Q1 2019. Proved reserves at Devon’s assets were around 409 million barrels of oil as of end-2018. In February this year, Devon Energy said that it would be looking to sell its Canadian assets to become a high-return U.S. oil growth business in what analysts described as a ‘long-overdue’ announcement from the U.S. oil company. Back then, various analysts expected a wide range for what a potential price tag for Devon’s Canadian assets would be—those ranged from as low as […]