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

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25 February 2014

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 ...

Table of contents

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

Tables and charts

This report includes 8 images and tables including:

  • Executive summary: Table 1
  • Map comparing Canadian Natural and Devon drilling efforts in the Montney fairway
  • 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

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

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