Devon Energy Corp. is leaving Canada, after 20 years in Alberta’s oilpatch.
The company has agreed to sell its Canadian business to Canadian Natural Resources Ltd. for $3.8 billion. The Oklahoma-based oil and gas producer is shifting its focus back to the U.S.
Devon’s Canadian production reached a net average of 113,000 oil-equivalent barrels in the first quarter of this year.
The sale is expected to be finalized by the end of the second-quarter.
At this point, it’s not clear whether there will be layoffs as a result of the sale.
