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CNQ - Devon Disappoints: Canadian Asset Sale At Low End Of Expectations
Canadian Natural Resources Limited
Devon (DVN) announced the sale of its Canadian oil sands assets for $3.8 billion Canadian dollars - about $2.8 billion USD. Canadian Natural (CNQ) is the buyer.
With over 100,000 barrels of oil per day of production, the deal was done at less than $30,000 per boepd and at an estimated 3x ebitda. There is a bit of variation on production estimates and cash flow estimates in research analyst notes, but most think CNQ got a great deal.
There are a few implications of this. First, the deal happened at the