Devon Energy NEWS

US E&P firm, Devon Energy has agreed to farm out its Canadian assets to Canadian Natural Resources Ltd. CNRL said on Wednesday that it will shell out $2.81 billion in cash to acquire the assets in Alberta, considering their natural fit to its operations. CNRL’s share jumped the most in almost two months as otherwise skeptical investors realized a good fit.

Silver Creek Midstream has agreed to buy midstream assets of Genesis Energy in Powder River Basin, for $300 million. Genesis made the decision, in light of the constant rise in oil deals in Wyoming. Silver Creek, post-completion of the deal, will gain ownership to a pipeline, associated crude oil gathering system and rail facility in the area. Genesis Energy is planning to utilise the deal money for paying its debts.

In a USD 215 million deal, Devon Energy sold its acreage in the Delaware basin to the energy firm, Carrizo Oil and Gas. Carrizo will acquire Devon’s 9,600 net acres in the Delaware Basin in Reeves and Ward counties. Devon had reportedly been producing 2,500 oil-equivalent barrels per day from the asset. The deal is expected to be closed by the last quarter of 2018.

Devon and EnLink have a rich history of working together and the latter is grateful for their contribution. The stakes of Devon Energy Corp in the EnLink Midstream companies were sold for $3.125 billion on Wednesday and the buyer was associated with the New York-based Global Infrastructure Partners. EnLink is excited to have GIP on board and aims to step up their growth story in the midstream segment.

Devon Energy Corp. announced its intent to sell off its Barnett shale position for $553 million. The transaction is subject to close in the second quarter of 2018. The President and CEO, Dave Hager said, “Combined with other recent asset sales, divestiture proceeds associated with our 2020 Vision have now reached $1 billion.”