Cenovus acquires assets from ConocoPhillips in western Canada

CALGARY -- Cenovus Energy Inc. has closed its previously announced purchase of assets in western Canada from ConocoPhillips after receiving all necessary regulatory approvals for the transaction. The acquired assets include ConocoPhillips’ 50% interest in the FCCL partnership, the oil sands venture, which was jointly owned with and operated by Cenovus, as well as the majority of ConocoPhillips’ Deep basin conventional assets in Alberta and British Columbia.

“With the completion of this transformational deal, we now have full control of our best-in-class oil sands projects and an exciting new growth platform in the Deep basin that provides us with significant short-cycle development opportunities to complement our long-term oil sands growth portfolio,” said Brian Ferguson, Cenovus president & CEO. “As a result of this transaction, we’ve now doubled our production and reserves base.”

In the coming months, Cenovus will remain firmly focused on:

• Continuing to safely and reliably operate all of its assets
• Efficiently integrating the Deep basin assets and staff into the company
• Deleveraging its balance sheet, including using the proceeds of planned divestitures, such as the sale of the company’s Pelican Lake and Suffield assets, which are currently being marketed.

Cenovus intends to provide an update on its investment plans for its consolidated oil sands business and newly-acquired Deep basin assets at its Investor Day on June 20, 2017.