logo
Plus   Neg
Share
Email

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."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Apotex Corp. recalled all lots of type 2 diabetes medication Metformin hydrochloride in the form of oral film-coated tablets for the potential presence of nitrosamine impurity, N-Nitrosodimethylamine (NDMA), above levels of the Acceptable Daily Intake Limit (ADI), the U.S. Food and Drug Administration or FDA said in a statement. Groupe Renault plans to cut about 14,600 jobs across the world and lower its production capacity. The plan includes almost 4,600 jobs reduction in France, through voluntary retirement and retraining. Amazon said it will convert 125,000 of the 175,000 temporary workers it hired in March amid the coronavirus pandemic, to permanent full-time employees in June. The e-commerce giant had hired the temporary employees in March to meet strong consumer demand amid the lockdown. The job openings were in Amazon's fulfillment centers and its delivery network.
Follow RTT