ConocoPhillips says Cenovus made unsolicited offer for oil and gas assets

Thu Mar 30, 2017 7:25pm EDT
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CALGARY, Alberta (Reuters) - Cenovus Energy's (CVE.TO: Quote) offer to buy ConocoPhillips oil sands and natural gas assets for C$17.7 billion ($13.27 billion) was unsolicited, a ConocoPhillips Canada spokeswoman said on Thursday.

ConocoPhillips had already decided to sell several of its Canadian conventional natural gas assets but had not planned to offload oil sands assets, sources told Reuters earlier this year.

"While this unsolicited offer includes Canadian assets that we had planned to market as part of our disposition program, it is larger," spokeswoman Michelle McCullagh said of the Cenovus deal.

(Reporting by Nia Williams!)

Rows of steam generators line a road at the Cenovus Energy Christina Lake Steam-Assisted Gravity Drainage (SAGD) project 120 km (74 miles) south of Fort McMurray, Alberta, August 15, 2013. REUTERS/Todd Korol