Deal Insight
Cenovus doubles down on Canada with US$13.3 bn ConocoPhillips acquisition
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
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 ...
Table of contents
- Executive summary
- Transaction details
-
Upstream assets
-
Oil Sands
- Christina Lake
- Foster Creek
- Narrows Lake
-
Gas Assets
- Deep Basin and Montney
- Horn River
-
Oil Sands
- Deal analysis
-
Upsides and risks
- Deep Basin
- Oil Sands
-
Strategic rationale
- Cenovus
- ConocoPhillips
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and 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
- Deep Basin production under base and high case scenarios
- Oil sands consolidation amongst the large four players
- Upstream assets: Table 1
What's included
This report contains:
