Devon Energy Sells $1.4 Billion in Pipeline Assets
CBJ — The Canada Pension Plan Investment Board and Wolf Midstream are investing $1.4 billion to buy half ownership of a pipeline in northeastern Alberta.
The Access pipeline transports blended bitumen and diluent between the Christina Lake area and Edmonton.
Wolf will make the purchase from Devon Energy with $825 million provided by CPPIB, which manages investments for the Canada Pension Plan.
Devon Energy is an independent energy company based in Oklahoma City and listed on the New York Stock Exchange.
CPPIB, which invests on behalf of Canada’s national pension plan,sees opportunities for long-term investors to take advantage of falling valuations in the energy sector due to a decline in the price of oil.