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