ConocoPhillips looking to sell $2.7bn stake in Cenovus Energy

By zaymalz malz

Houston-based energy company ConocoPhillips is reportedly looking to sell its stake in Cenovus Energy according to Reuters, citing people familiar with the matter.

ConocoPhillips acquired the stake last year as part of a deal between the two companies, where Cenovus purchased oilsands and natural gas assets from ConocoPhillips in a deal worth $17bn, with 208mn Cenovus shares and $14.1bn in cash involved in the transaction.

See also:

Based on current share prices, the value of ConocoPhillips’ 208mn shares currently stands at $2.7bn. With this in mind, a potential deal would pose as one of the most significant asset sales this year across Canada.

The reports confirm previous statements made from the US firm itself, claiming that, despite the acquisition of the stake in Cenovus last year, it would not remain a long-term equity partner in the company.

In the wake of the news, Cenovus’ shares fell 7.7% to $12.4 per share on the Toronto Stock Exchange (TSE).


Featured Articles

Top 10 must-read sustainable leadership books for CEOs

As former Unilever boss Paul Polman debuts his new net zero book, we ask – can profit and purpose truly exist? Here are 10 business books to prove they can

Top 20 essential leadership resources for Black executives

To celebrate Black History Month, here are 20 resources for Black leaders – from business books to leadership coaches to business school exec programs

Broadridge study reveals huge impact of AI on C-suite

Broadridge Financial Solutions spoke to 500 C-suite executives from across the globe, many of whom said AI was significantly changing the way they work

PwC's Kathryn Kaminsky – the role of boards on social issues

Leadership & Strategy

Why your business needs a Chief Transformation Officer

Leadership & Strategy

12 top AI and ML trends for the enterprise in 2023 – Dataiku

Technology & AI