Cenovus Energy Inc. is paying $17.7-billion in cash and shares for oil sands and other assets owned by ConocoPhillips Co. in the second major consolidation in the oil patch this month.
Calgary-based Cenovus said late on Wednesday it is acquiring the 50 per cent of the companies’ oil sands joint venture that it does not already own. That includes interests in the steam-driven Foster Creek and Christina Lake projects. The deal also includes assets in the Deep Basin region of Alberta and British Columbia.Report Typo/Error
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