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 percent 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.To help achieve that aim, Devon has made some radical changes, including the $6 billion purchase of oil-producing properties in the Eagle Ford formation in south Texas in November.
Devon Energy Corporation (Devon) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). Shares of DVN traded higher by 3.48% or $2.1914/share to $65.10. In the past year, the shares have traded as low as $50.81 and as high as $66.92. On average, 3400290 shares of DVN exchange hands on a given day and today's volume is recorded at 6551426.
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