Cenovus to Double Size in $13.3 Billion Buy of Conoco Assets
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Company acquires joint venture as well as Deep Basin assets
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Conoco using proceeds to trim debt to $20 billion in 2017
Cenovus Energy Inc. will double its reserves and production by buying Canadian holdings from ConocoPhillips for C$17.7 billion ($13.3 billion), the latest sale of energy assets in that country by international companies stung by falling oil prices.
The agreement includes Conoco’s 50 percent interest in a joint venture with Cenovus in the Canadian oil sands, the Calgary-based company said in a statement Wednesday. Cenovus also gets most of Conoco’s Deep Basin conventional assets in Alberta and British Columbia. Combined, they are forecast to produce about 298,000 barrels of oil equivalent a day in 2017…
Cenovus to Double Size in $13.3 Billion Buy of Conoco Assets