Cenovus Energy buying most of ConocoPhillips’s Canadian assets for C$17.7B
CALGARY — Cenovus Energy (TSX:CVE) announced Wednesday it plans to swallow most of the Canadian assets belonging to ConocoPhillips in a C$17.7 billion blockbuster acquisition that builds upon a recent trend of Canadian consolidation in the oilsands.
The deal makes the Houston-based ConocoPhillips the latest international player to reduce its exposure to Alberta’s oilpatch.
“In a low oil price environment, economies of scale are important,” Cenovus CEO Brian Ferguson said on a conference call.
“This deal about doubles the scale of the company and this will give us a greater competitive edge.”