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Devon Energy completes C$1.4B sale of 50% stake in Access pipeline

completed thedivestiture of its50% ownership in the Access pipeline to the Canada Pension Plan Investment Board-backed WolfMidstream Inc. for C$1.4 billion.

The dealcould include an additional C$150 million paid to Devon from Wolf Midstream fora new thermal oil project on Devon's Pike lease in Alberta, according to anOct. 6 news release. With this project and other future developments, Accesspipeline tolls are expected to decrease by an estimated 30%.

Thetransaction concludes Devon's divestiture program, which garnered totalproceeds of US$3.2 billion. Devon said it plans to use most of the proceeds fordebt reduction.