Devon sells Alberta pipeline stake to CPPIB-backed Wolf: Reuters
U.S. oil and gas company Devon Energy Corp will sell its 50 percent stake in a pipeline in Western Canada for US$1.1 billion ($1.4 billion) to a midstream company backed by the Canada Pension Plan Investment Board, Reuters reported. Oil prices are yet to fully recover from the slump last year, forcing companies in the sector to sell non-core assets to lower debt and finance new projects. This has given investment firms, including CPPIB, a chance to buy assets at attractive valuations. In the past month, CPPIB has acquired assets from Canadian producers Penn West Petroleum Ltd and Paramount Resources Ltd through companies it holds stake in.
14 July 2016•2 mins read
