Deal insight
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9 Pages

Canadian Natural Resources acquires Devon's Canadian conventional assets for US$2.8 billion

Canadian Natural Resources acquires Devon's Canadian conventional assets for US$2.8 billion

Report summary

This is the largest upstream acquisition made in 2014 thus far, and stands as the largest Canadian deal since 2012. The transaction, which excludes Horn River and heavy oil properties, includes 86,633 boe/d of production weighted 74% towards natural gas. This increases Canadian Natural's overall natural gas weighting from the current 28% to 32% pro forma, and pushes Canadian Natural past Encana to become the leading western Canadian gas producer. The acquired assets will add over 3.8 ...

What's included?

This report includes 1 file(s)

  • Canadian Natural Resources acquires Devon's Canadian conventional assets for US$2.8 billion PDF - 3.92 MB 9 Pages, 7 Tables, 1 Figures


The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Deal Insight report provides an in-depth analysis of this deal. You will also find information about upstream assets and the strategic rationale behind the deal.

For investors and businesses, this deal insight report provides an understanding of the effect this deal will have on the market, including oil and gas pricing and assumptions. Use it to keep up to date with deal announcements, gain expert insights and analyse potential developments that might affect your strategy.

Wood Mackenzie goes beyond company-reported data and announcements to give you an independent and informed view. Our unique valuation metrics are underpinned by our deep understanding of upstream assets and companies. We help you objectively benchmark and evaluate asset and corporate deals so you can compare deal economics around the world.

  • Executive summary
  • Transaction details
  • Upstream assets
    • Alberta
      • Wapiti
      • Elmworth
      • Pinto
      • Ferrier
      • Dunvegan/Normandville
    • British Columbia
      • Narraway
      • Northeast British Columbia
    • Saskatchewan
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
    • Canadian Natural Resources
    • Devon
  • Oil & gas pricing and assumptions

In this report there are 8 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Transaction details
  • Upstream assets
    • Map comparing Canadian Natural and Devon drilling efforts in the Montney fairway
    • Upstream assets: Table 1
  • Deal analysis
    • Deal analysis: Table 1
    • Deal analysis: Table 2
    • Deal analysis: Table 3
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions
    • Oil & gas pricing and assumptions: Table 1
    • Oil & gas pricing and assumptions: Table 2
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