28 April 2024
ConocoPhillips divests Canadian assets in USD 13.3 billion deal
Publication date: 30 March 2017
Gas Strategies Group
10 Saint Bride Street
London UK
EC4A 4AD
ISSN: 0964-8496
Twitter @GasStrategies
Editorials
Subscriptions
ConocoPhillips has agreed to sell a large portion of its Canadian oil sands assets to Calgary-based Cenovus Energy in a deal worth USD 13.3 billion, with the capital generated from the sale to be put towards writing off a portion of ConocoPhillips’ USD 27 billion debt.
Cenovus will acquire ConocoPhillips’ 50% non-operated stake in the Foster Creek Christina Lake (FCCL) oil sands partnership, with the Canadian company already owning the other 50% stake in FCCL. Cenovus will also get hold of the majority of ConocoPhillips’ western Canada Deep Basin gas assets.