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Cenovus Energy Inc. → ConocoPhillips- One-Page Deal Sheet

Announced Date
March 29,2017
Effective Date
January 01,2017
Close Date
May 17,2017
Transaction Type
Property
Enterprise Value (EV)($MM)
13300




Snapshot
Asset/Basin:
{"Oil Sands","Deep Basin"}
TargetZones:
{Montney,"Spirit Riv
Net Acres
3,000,000
Net Operated Locations:
1480 ({Montney,"Spirit Riv)

Proved Reserves
1,300 MMboe

Source Documents:
   Source Link
   Source Link
   Source Link
   Source Link
Location
Region
Canada

Country
Canada

Play
Deep Basin,Canada Oil Sands


Production & Reserves
Production
265,000 Boe/d

Production Mix
67 % Liquid

Reserves
1,300 MMboe (1P)


Calculated Metrics( EV/Category)
$/ Flowing
50,189

$/ Acre
4,433

$/Location
8,986,486

Transaction Details: 

ConocoPhillips has agreed to sell its Deep Basin and Oil Sands assets to Cenovus for $13.3 billion in cash and stock.


Transaction Summary

Oil Sands

  • 50% Working Interest in FCCL
  • 178 Mbbls/d of Oil Sands Production (net)
  • 368 mbbls/d of regulatory approved capacity (net)
  • 3.24 Billion Barrels of 2P Reserves

Conventional Oil & Gas

  • 3.0 Million net acres in Deep Basin
  • 120 Mboe/d of production (26% liquids)
  • 725 MMboe of 2P Reserves
  • 1.4 Bcf/d of net natural Gas processing



The assets included in the sale are FCCL, Deep Basn, Kaybob-Edson, and Clearwater. (see image below)

The asset is currently producing some 265Mboe/d (179 Mbd of liquids and 520 MMcfd of gas) / 67% liquids.  The year-2016 reserves came in at 1.3 BBOE.  The company intends to use the funds to pay down debt.  The conventional assets include formations such as the cardium and the montney

Canada Deal Activity In Last 12 Months


Other Canada Region's Deals


Announced DateBuyerSellerDeal Value($mm)LocationCategory
Nov-06-2024 - - Click here Alberta  E&P
Aug-22-2022 - - Click here British Columbia  E&P
Aug-01-2022 - - Click here Alberta  E&P
Jun-29-2022 - - Click here Alberta  E&P
Dec-15-2021 - - Click here   E&P

Price History


Date Deal Headline Price$/acre
Sep-06-2017 RMP Sells Alberta Properties to Tangle Creek for $80MM - -
Aug-16-2017 Ikkuma Resources Acquires Foothills Assets for 34 Million - -
Oct-21-2016 Tourmaline Acquires Shell's Deep Basin / Montney Assets for C$1.3 Billion - -

Other ConocoPhillips Deals


Announced DateBuyerSellerDeal Value($mm)LocationCategory
May-29-2024 - - Click here Texas  E&P
Jul-28-2022 - - Click here Texas  E&P
Dec-08-2021 - - Click here   E&P
Dec-08-2021 - - Click here   E&P
Sep-20-2021 - - Click here Texas  E&P

Other Cenovus Energy Inc. Deals


Announced DateBuyerSellerDeal Value($mm)LocationCategory
Jul-07-2021 - - Click here Alberta  E&P
May-18-2021 - - Click here Alberta  E&P
Nov-09-2020 - - Click here Alberta  E&P
Oct-25-2020 - - Click here Alberta  E&P
Aug-09-2018 - - Click here   E&P