DEVON ENERGY CORPORATION (NYSE:DVN) Files An 8-K Completion of Acquisition or Disposition of Assets

DEVON ENERGY CORPORATION (NYSE:DVN) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01

As previously disclosed, Devon Canada Corporation and Devon Canada Crude Marketing Corporation (collectively, the “Sellers”), each a wholly-owned subsidiary of Devon Energy Corporation (the “Company”), entered into an Agreement of Purchase and Sale (the “Purchase Agreement”) with Canadian Natural Resources Limited (the “Purchaser”), to which the Sellers agreed to sell substantially all of their oil and gas assets and operations in Canada to the Purchaser for CAD $3.8 billion (USD $2.8 billion) in cash, subject to certain purchase price adjustments.

On June 27, 2019, the transactions contemplated by the Purchase Agreement were completed, to which the Sellers received proceeds, net of purchase price adjustments, of CAD $3.4 billion (USD $2.6 billion) from the Purchaser.

The foregoing description of the Purchase Agreement and the transactions contemplated thereby is not complete and is subject to and qualified in its entirety by reference to the Purchase Agreement, a copy of which is included as Exhibit 2.1 to the Company’s Form 8-K, filed with the Securities and Exchange Commission on May 31, 2019, and the terms of which are incorporated herein by reference.

On June 27, 2019, the Company issued a press release in connection with the closing of the transactions described in Item 2.01 above.

The information in Item 7.01 of this Current Report and in Exhibit 99.1 attached hereto is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in Item 7.01 of this Current Report and in Exhibit 99.1 attached hereto shall not be incorporated by reference into any registration statement or other document to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.

(b) Pro Forma Financial Information

The unaudited pro forma consolidated financial information of the Company giving effect to the transactions described in Item 2.01 above is filed as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein.

(d) Exhibits

99.2    Unaudited Pro Forma Consolidated Financial Information of Devon Energy Corporation.

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DEVON ENERGY CORP/DE Exhibit
EX-99.1 2 d769970dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 NEWS RELEASE Devon Energy Completes Sale of Canadian Business OKLAHOMA CITY — June 27,…
To view the full exhibit click here

About DEVON ENERGY CORPORATION (NYSE:DVN)

Devon Energy Corporation (Devon) is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The Company’s operations are concentrated in various North American onshore areas in the United States and Canada. The Company also produces over 1.6 billion cubic feet of natural gas a day and approximately 135 thousand barrels of NGLs per day. The Company operates through three segments: U.S., Canada and EnLink. Devon’s U.S. and Canadian segments are engaged in oil and gas exploration and production activities. EnLink’s operations consist of midstream assets and operations located across the United States. Its projects include Delaware Basin, STACK, Eagle Ford, Rockies Oil, Heavy Oil, Barnett Shale, and other assets, which are located in the Midland Basin, east Texas, Granite Wash and Mississippian-Lime areas. In addition, the Company holds interest in Jackfish and Pike.

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