Replies to post #565 on ConocoPhillips (COP)

[eFinanceMarkets]

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.