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.