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Re: eFinanceMarkets post# 565

Thursday, 05/18/2017 12:44:46 AM

Thursday, May 18, 2017 12:44:46 AM

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ConocoPhillips completes sale to Cenovus, revises Q2 production guidance

ConocoPhillips (NYSE:COP) says it completed the sale of its 50% interest in the Foster Creek Christina Lake oil sands partnership and western Canada Deep Basin Gas assets to Cenovus (NYSE:CVE), saying the deal will achieve a "step-function improvement" in its balance sheet strength and the pace of its planned share repurchase program.

At closing, CVE issued 208M common shares to COP as partial payment for the C$17.7B sale, and COP now owns a 16.9% stake in CVE.

COP revises its Q2 production guidance to 1.365M-1.405M boe/day, reflecting the partial quarter impact of the sale.
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