Devon Energy completed the sale of its Canadian conventional assets to Canadian Natural Resources for $2.7 billion after taxes.
The company will use the money to pay down debt acquired from a $6 billion purchase of GeoSouthern’s Eagle Ford assets, which was completed on February 28th.
Devon considers its’ Eagle Ford Shale acreage as core to its portfolio, and plans on divesting its non-core US assets by the end of the year. Devon’s other US core areas are in the Barnett Shale, Anadarko Basin and Permian Basin. The Mississippian-Woodford and the Powder River and Wind River Basins in the Rockies are emerging assets in the company’s portfolio.