CALGARY, Alberta (AP) — Devon Energy says it is selling nearly all of its assets in Canada to Canadian Natural Resources for $2.8 billion.
The Oklahoma City-based oil and gas company included in the S&P 500 put its Canadian assets up for sale in February in a plan to focus on growth from wells drilled in U.S. shale fields.
The deal is expected to close June 27.
Devon officials say proceeds from the sale will help reduce the company’s debt.
Officials with Calgary-based Canadian Natural Resources say Devon’s “high-quality” assets will provide further balance to their production profile.
Devon’s exit from Canada follows recent asset sales there by foreign companies including Norway’s Statoil, France’s Total SA, El Dorado, Arkansas-based Murphy Oil and Houston-based ConocoPhillips.