Reuters logo
5 个月前
BRIEF-Cenovus to buy ConocoPhillips' 50 pct interest in FCCL partnership for $17.7 bln
2017年3月29日 / 晚上8点31分 / 5 个月前

BRIEF-Cenovus to buy ConocoPhillips' 50 pct interest in FCCL partnership for $17.7 bln

March 29 (Reuters) - Cenovus Energy Inc:

* Cenovus to double production and reserves in Canada

* Cenovus Energy Inc - agreed to acquire ConocoPhillips' 50% interest in FCCL partnership

* Cenovus Energy Inc - total consideration for purchase is $17.7 billion

* Cenovus Energy Inc says Cenovus is also purchasing majority of Conocophillips' deep basin conventional assets in Alberta and British Columbia

* Cenovus Energy Inc- acquisition is immediately accretive to key metrics

* Cenovus Energy Inc - in 2017, Cenovus intends to spend approximately $170 million on acquired deep basin assets

* As part of transaction, Cenovus has also agreed, in certain circumstances, to make contingent payments to ConocoPhillips

* Cenovus Energy Inc - cash component of deal is fully financed with a portion of cash on hand, existing credit facility capacity and committed bridge loans

* Cenovus Energy Inc - total consideration includes $14.1 billion in cash and 208 million Cenovus common shares

* Cenovus Energy - concurrent with acquisition, Cenovus has launched a bought-deal offering of common shares for expected gross proceeds of about $3 billion

* Intends to divest significant portion of legacy conventional assets to help fund transaction

* Cenovus Energy Inc says in 2017, Cenovus intends to spend approximately $170 million on acquired deep basin assets

* Cenovus energy inc says expects to retain key deep basin technical operating and business staff as part of acquisition

* Cenovus Energy - expects acquisition will result in an 18% increase in 2018 adjusted funds flow per share compared with co's original 2018 forecast

* Cenovus Energy -will also enter into a two-year technical services agreement providing access to Conocophillips' expertise in developing and operating deep basin assets

* Cenovus Energy Inc - in 2017, Cenovus intends to spend approximately $170 million on acquired deep basin assets

* Cenovus Energy - over long term, Cenovus continues to target debt-to-adjusted EBITDA ratio of 1.0 to 2.0 times and debt to capitalization of 30%-40%

* Cenovus Energy -over long term, Cenovus continues to target a debt-to-adjusted EBITDA ratio of 1.0 to 2.0 times and debt to capitalization of 30% to 40%

* Cenovus Energy Inc - plans to extend maturities on tranches of its existing committed credit facility to 2020 and 2021

* Cenovus energy -concurrent with acquisition, Cenovus has begun marketing its legacy Alberta conventional assets at pelican lake and suffield

* Cenovus Energy Inc says plans to divest additional non-core conventional assets to streamline its portfolio

* Cenovus Energy -at closing, co, Conocophillips have agreed to enter into 5 year contingent payment agreement related to acquired portion of FCCL oil sands production

* Cenovus Energy -terms of contingent payment agreement will allow Cenovus to retain 80% to 85% of WCS prices above c$52/bbl

* Cenovus Energy Inc - transaction is expected to close in Q2 of 2017 Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below