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Cenovus deal: The right place, but the wrong time Add to ...

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Cenovus Energy’s $17.7-billion acquisition of ConocoPhillips’s oil sands holdings is a blockbuster deal that should have garnered a blockbuster response.

It doubles oil sands output in one fell swoop, cements the company as leader in steam-driven production, Canadianizes more of the world’s third-largest crude deposit and opens up a new business in one of North America’s hottest natural gas exploration plays.

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