Devon to sell Western Canada pipeline stake to CPPIB for $1.1 bln

Thu Jul 14, 2016 6:13am EDT
 
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July 14 (Reuters) - U.S. oil and natural gas producer Devon Energy Corp said it will sell its 50 percent stake in Access Pipeline in Western Canada to Wolf Midstream Inc, a portfolio company of Canada Pension Plan Investment Board (CPPIB), for $1.1 billion.

"With the highly accretive sale of Access, Devon's divestiture program is now complete with proceeds totaling $3.2 billion, surpassing the top end of our $2 billion to $3 billion guidance range," Chief Executive Dave Hager said.

The proceeds from the transaction will accelerate the company's investment in U.S. shale plays, including the Stack Basin in Oklahoma and Delaware Basin, Hager said on Thursday. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Don Sebastian)