, while it expects to be able to gain further benefits by reducing capital and operating costs for the Devon assets, which abut existing CNRL operations/“The additional of these long life, low decline assets is an excellent fit” for CNRL, company’s executive vice-chairman, Steve Laut said on a conference call.
The deal is expected to close on June 27, Canadian Natural said. With the addition of Devon Canada’s assets, CNRL will produce 1.2-million barrels of oil per day this year. Devon is the latest foreign company to either or dramatically scale back exposure to the Canadian oil sands in order to focus on U.S. scale or other international assets. They include Royal Dutch Shell PLC, France’s Total, Norway’s Equinor ASA and U.S.-based giant ConocoPhillips Co.
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