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A Canadian Natural Resources pump jack pumps oil out of the ground near Dorothy, Alta. The company is paying $3.1-billion for some of Devon Energy’s conventional Canadian oil assets.
A Canadian Natural Resources pump jack pumps oil out of the ground near Dorothy, Alta. The company is paying $3.1-billion for some of Devon Energy’s conventional Canadian oil assets.
(Todd Korol/REUTERS)

Billion-dollar deals prove frozen energy patch is thawing

You can’t call it a flood of deal flow. But the energy patch is certainly thawing.

After an rather barren 2013, the recent string of billion-dollar energy deals involving Canadian companies has people thinking that oil and gas players can finally be hopeful about buying and selling assets.

In November, Talisman Energy Inc. announced plans to unload a big chunk of its Montney assets for $1.5-billion; two weeks ago Baytex Energy Corp. unveiled plans to buy Aurora Oil & Gas Ltd. for $1.8-billion; and on Wednesday Canadian Natural Resources Ltd. disclosed plans to buy some of Devon Energy Corp.’s Canadian natural gas assets for $3.1-billion.