Things have improved handily from a year ago in the energy sector. Still, even with a pro-energy White House, things are far from perfect in the oil and gas sector. Now ConocoPhillips (NYSE: COP) is delivering great news to its shareholders.
After the close of trading on Wednesday, ConocoPhillips announced that the company has signed a definitive agreement with Cenovus (NYSE: CVE) to sell its 50% interest (which is a non-operated interest) in the Foster Creek Christina Lake oil sands partnership and the majority of its western Canada Deep Basin gas assets. The total proceeds are shown to be a whopping $13.3 billion before customary adjustments.
As of the close of trading on Wednesday, ConocoPhillips had a market value of about $56.8 billion. Transactions of this sort can be transformational for many companies.
ConocoPhillips Canada will retain its operated 50 percent interest in the Surmont oil sands joint venture and its operated 100 percent Blueberry-Montney unconventional acreage position.
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