Deal insight

CNRL acquires Cenovus' Pelican Lake oil sands interest for US$786 million

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Report summary

On 5 September 2017 Cenovus announced the sale of its Pelican Lake asset and associated infrastructure to Canadian Natural Resources Limited (CNRL) for a cash consideration of Cdn$975 million (US$786 million). The centrepiece of the deal is Cenovus' Pelican Lake asset currently producing 19 600 boe/d. The deal also includes the sale of Cenovus' Grand Rapids project and Cenovus's 38% share of the Pelican Lake Pipeline system making CNRL the 100% owner of the pipeline.

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    CNRL acquires Cenovus' Pelican Lake oil sands interest for US$786 million

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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 7 images and tables including:

Tables

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

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