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Here's why investors reacted so differently to two similar oil sands deals Add to ...

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With two megadeals in the oil sands announced in a single month, the comparisons are inevitable.

The deals recently unveiled by Canadian Natural Resources Ltd. and Cenovus Energy Inc. involve large, experienced Canadian bitumen producers buying huge stakes from foreign players intent on largely exiting the oil sands. Both include arrangements that will see the international firms retain a reduced stake in the oil sands. Both accords are for “long-life resources and consolidating interest in an area you know well,” said Mark Oberstoetter, Canadian oil and gas research manager at Wood Mackenzie.

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