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

Amelia DeLuca, CSO at Delta Air Lines on Female Leadership

Driving decarbonisation at Delta Air Lines, Chief Sustainability Officer Amelia DeLuca discusses the rise of the CSO and value of more women in leadership

Liz Elting – Driving Equality & Building Billion-$ Business

Founder and CEO Liz Elting Turned Her Passion into Purpose and Created a Billion-Dollar Business While Fighting for Workplace Equality – and Winning

JPMorgan Chase: Committed to supporting the next generation

JPMorgan has unveiled a host of new and expanded philanthropic activities totalling US$3.5 million to support the development of apprenticeship programmes

How efficient digital ecosystems became business critical

Technology & AI

Mastercard: Supporting clients at a time of rapid evolution

Digital Strategy

Why Ceridian has boldly rebranded to Dayforce

Human Capital