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Conoco Sells Oil Sands & Deep Basin Assets For $13.3 Billion

Announced Date
March 29,2017
Deal Value $
13,300,000,000
Transaction Type
Property
Buyer
Seller
Price Per BOE $
40,000
Source Documents:
   Source Link
   Source Link
   Source Link
   Source Link
Location
Region
Canada

Country
Canada

Play


Production & Reserves
Production
265,000 Boe/d

Production Mix
67 % Liquid

Reserves
1,300 MMboe (1P)


Multiples
Production ($/boe/d)
50,189

$1P Boe
10

Adj. $/acre is based on production @40,000 Boe/d

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
Jun-29-2022 - - Click here Alberta  E&P
Dec-15-2021 - - Click here   E&P
Nov-29-2021 - - Click here Alberta  E&P
Sep-13-2021 - - Click here Alberta  E&P
Jul-07-2021 - - Click here Alberta  E&P

Price History



Date Deal Headline Price$/acre
Oct-21-2016 Tourmaline Acquires Shell's Deep Basin / Montney Assets for C$1.3 Billion - -
Jun-10-2014 Bonavista Owns 100% of Wilrich Property - -
Aug-28-2012 Bonavista To Acquire Alberta Assets - -

Other ConocoPhillips Deals



Announced DateBuyerSellerDeal Value($mm)LocationCategory
Dec-08-2021 - - Click here   E&P
Dec-08-2021 - - Click here   E&P
Sep-20-2021 - - Click here Texas  E&P
Jul-08-2021 - - Click here Wyoming  E&P
Oct-19-2020 - - 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