Cenovus to double production, reserves in Canada

Cenovus Energy Inc. has agreed to acquire ConocoPhillips’ 50-percent interest in the FCCL Partnership, the companies’ jointly owned oil sands venture operated by Cenovus. Cenovus is also purchasing the majority of ConocoPhillips’ Deep Basin conventional assets in Alberta and British Columbia. Combined, these assets have forecasted 2017 production of approximately 298,000 barrels of oil equivalent per day (boe/d).

Total consideration for the purchase is $17.7 billion, including $14.1 billion in cash and 208 million Cenovus common shares. The transaction is expected to close in the second quarter of 2017, subject to customary conditions and the receipt of necessary regulatory approvals, and has an effective date of Jan. 1, 2017. Concurrent with the acquisition, Cenovus has launched a bought-deal offering of common shares for expected gross proceeds of approximately $3 billion.

For more information, visit www. cenovus.com or call (403) 766-2000.

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