ConocoPhillips Accelerates Strategic Plan With Canadian Asset Sale
ConocoPhillips has reached a deal to sell its 50% nonoperated interest in the Foster Creek Christina Lake, or FCCL, oil sands partnership to partner Cenovus for $13.3 billion. Payment will consist of $10.6 billion in cash and 208 million shares of Cenovus, valued at $2.7 billion. The deal also includes five years of contingency payments if Western Canadian Select exceeds CAD 52. We view the deal favorably, as it removes a high-cost portion of ConocoPhillips’ production at an attractive valuation...ConocoPhillips is an exploration and production company engaged in exploring for, producing, transporting and marketing crude oil, bitumen, natural gas, liquefied natural gas and natural gas liquids. The company's segments include: Alaska, which operates in Alaska; Lower 48, which operates in the United States and the Gulf of Mexico; Canada, which operates in Alberta and British Columbia; Europe and North Africa, which consists of operations and exploration activities in Norway, the United Kingdom and Libya; Asia Pacific and Middle East, which operates in China, Indonesia, Malaysia, Australia, Qatar, and Timor-Leste; and Other International, which operates in Colombia, Chile and Argentina.
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