Deal insight

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

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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 contains

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

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Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 10 images and tables including:

Images

  • Deep Basin production under base and high case scenarios
  • Oil sands consolidation amongst the large four players

Tables

  • Executive summary: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Deal analysis: Table 4
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Upstream assets: Table 1

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