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8 Pages

Cenovus doubles down on Canada with US$13.3 bn ConocoPhillips acquisition

Cenovus doubles down on Canada with US$13.3 bn ConocoPhillips acquisition

Report summary

The oil sands are stealing the M&A show in 2017. On 29 March 2017, Cenovus announced the purchase of ConocoPhillips' 50% stake in the FCCL partnership as well as Deep Basin and selected Montney assets for a total base consideration of Cdn$17.7 billion (US$13.3 billion). This is one per cent above Cenovus' current enterprise value. The deal includes cash of Cdn$14.1 billion, an equity component and contingent payments linked to the Western Canada Select (WCS) diluted bitumen ...

What's included?

This report includes 1 file(s)

  • Cenovus doubles down on Canada with US$13.3 bn ConocoPhillips acquisition PDF - 312.05 KB 8 Pages, 8 Tables, 2 Figures


The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Deal Insight report provides an in-depth analysis of this deal. You will also find information about upstream assets and the strategic rationale behind the deal.

For investors and businesses, this deal insight report provides an understanding of the effect this deal will have on the market, including oil and gas pricing and assumptions. Use it to keep up to date with deal announcements, gain expert insights and analyse potential developments that might affect your strategy.

Wood Mackenzie goes beyond company-reported data and announcements to give you an independent and informed view. Our unique valuation metrics are underpinned by our deep understanding of upstream assets and companies. We help you objectively benchmark and evaluate asset and corporate deals so you can compare deal economics around the world.

  • Executive summary
  • Transaction details
  • Upstream assets
    • Oil Sands
      • Christina Lake
      • Foster Creek
      • Narrows Lake
    • Gas Assets
      • Deep Basin and Montney
      • Horn River
  • Deal analysis
  • Upsides and risks
    • Deep Basin
    • Oil Sands
  • Strategic rationale
    • Cenovus
    • ConocoPhillips
  • Oil & gas pricing and assumptions

In this report there are 10 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Transaction details
  • Upstream assets
    • Upstream assets: Table 1
  • Deal analysis
    • Deal analysis: Table 1
    • Deal analysis: Table 2
    • Deal analysis: Table 3
    • Deal analysis: Table 4
  • Upsides and risks
    • Deep Basin production under base and high case scenarios
  • Strategic rationale
    • Oil sands consolidation amongst the large four players
  • Oil & gas pricing and assumptions
    • Oil & gas pricing and assumptions: Table 1
    • Oil & gas pricing and assumptions: Table 2
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