UPDATE 3-Devon sells some gas assets as oil focus pays off

Wed Feb 19, 2014 12:58pm EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* 4th-qtr adjusted profit $1.10/share vs est $1.08

* Plans to use proceeds to repay debt from Eagle Ford asset purchase

* Canadian Natural says to sell or fold acquired royalty revenue into new vehicle

* Devon shares rise 3 pct premarket

* Capex seen slightly lower at $4.8 bln to $5.2 bln

By Swetha Gopinath and Anna Driver

Feb 19 (Reuters) - Devon Energy Corp said on Wednesday that it would sell some liquids-rich natural gas assets in Canada to Canadian Natural Resources Ltd for about $2.8 billion and posted a better-than-expected profit as it produced more profitable crude oil.

Devon shares were up 3 pct while Canadian Natural's shares traded in Toronto rose 4.6 percent.

Devon, along with many other U.S. oil and gas producers, has been selling off its natural gas holdings to focus on more profitable crude oil assets in North America.   Continued...