A Cenovus Energy deal with ConocoPhillips will transform Cenovus into Canada’s third-largest thermal oil producer and give the company a strong position in the Deep Basin. Under the agreement, Cenovus gains ConocoPhillips’ non-operated 50% WI in the Foster Creek- Christina Lake partnership as well as Conoco’s Deep Basin assets for $17.7 billion. This gives Cenovus production of 265,000 bo/d and 3.7 Bboe net 2P reserves (70% proved), as well as 3.3 million net acres—3.0......
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