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Devon Energy Announces Sale Of Its Canadian Business - Quick Facts

Devon Energy Corp. (DVN) has agreed to sell its Canadian business to Canadian Natural Resources Limited for $2.8 billion. The company will use the proceeds for debt reduction. Devon Energy said the deal, which is expected to close by the end of the second quarter, is an important step in executing the company's transformation to a U.S. oil growth business.

Dave Hager, CEO, said: "This transaction creates value for our shareholders by achieving a clean and timely exit from Canada, while accelerating efforts to focus exclusively on our high-return U.S. oil portfolio."

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