Deal insight

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

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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 contains

  • Document

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

    PDF 3.92 MB

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 8 images and tables including:

Images

  • Map comparing Canadian Natural and Devon drilling efforts in the Montney fairway

Tables

  • Executive summary: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Upstream assets: Table 1

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