Gulf Oil and Gas accountACCOUNT

ConocoPhillips Completes Sale of FCCL Partnership Interest

Source: www.gulfoilandgas.com 5/17/2017, Location: North America

Share |
ConocoPhillips completed its previously announced transaction with Cenovus to sell its 50 percent nonoperated interest in the Foster Creek Christina Lake (FCCL) oil sands partnership, as well as the majority of its western Canada Deep Basin gas assets. ConocoPhillips Canada retains its operated 50 percent interest in the Surmont oil sands joint venture and its operated 100 percent Blueberry-Montney unconventional acreage position.

“This transaction will make a significant and immediate impact by accelerating our value proposition,” said Ryan Lance, chairman and chief executive officer. “We will achieve a step-function improvement in our balance sheet strength and the pace of our planned share repurchase program. Our focus on free cash flow generation and our clear allocation priorities put us in a strong position to deliver double-digit returns to shareholders through price cycles.”

The company has revised its second-quarter production guidance to 1,365 to 1,405 thousand barrels of oil equivalent per day, reflecting the partial quarter impact of this disposition.

Acquisition of Cenovus Common Shares

At closing, Cenovus issued 208 million common shares to ConocoPhillips as partial consideration for the disposition of the assets and ConocoPhillips now owns approximately 16.9 percent of the issued and outstanding Cenovus common shares. Prior to the transaction, neither ConocoPhillips nor its affiliates owned any Cenovus common shares.

Oil Sands News in Canada >>

United States >>  6/12/2018 - ASTM International’s committee on petroleum products, liquid fuels, and lubricants (D02) has created a new standard (soon to be released as D8185) tha...
United States >>  6/5/2018 - CGG has completed acquisition of its Chickasha 3D survey in Grady and Caddo Counties, Oklahoma. CGG has also purchased the rights to the Ft. Reno 3D s...

United States >>  5/30/2018 - Hanwha Q CELLS Korea Corporation (Hanwha Q CELLS Korea) announced that it will build a solar module manufacturing facility in the United States of Ame...
United States >>  5/30/2018 - Deep Down, Inc. (DPDW), a specialist in complex deepwater oil and gas distribution equipment and services, today announced that it has received an ord...

Related Categories: Coalbed Methane  General  Heavy Oil  Methane Clathrate  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 

Related Articles: Coalbed Methane  General  Heavy Oil  Methane Clathrate  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 


Canada Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 |

More News

 

Oil & Gas Companies in Canada >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.