Deal Of The Month: ConocoPhillips Cashes In With $13.3 Billion Sale

1 Apr 2017   Canada, Tar Sands

Selling most of its Canadian oil sands assets to Cenovus, ConocoPhillips exceeds divestment target and is positioned to achieve more than $16 billion in asset sales by the end of the year. Quicker than you can say “Fossil Creek Christina Lake,” ConocoPhillips has erased many balance sheet concerns and exceeded its plan to sell off up to $8 billion in non-core assets . As the end of March neared, ConocoPhillips (NYSE: COP) announced it will sell its 50 percent ownership interest in the Fossil Creek Christina Lake (FCCL) joint venture to its partner there, Canada’s Cenovus. COP also sold off most of its Western Canada Deep Basin gas assets. The deal value? Including a cash payment of $10.6 billion and contingency payments, it’s worth a cool $13.3 billion. (That’s $17.7 billion in Canadian cash.) The Christina Lake project uses steam-assisted gravity drainage (SAGD) to drill wells, inject steam at […]

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