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BRIEF-ConocoPhillips to sell Foster Creek Christina Lake Partnership interest, Western Canada Deep Basin Gas assets to Cenovus for $13.3 bln

March 29 ConocoPhillips:

* ConocoPhillips announces sale of Foster Creek Christina Lake partnership interest and Western Canada deep basin gas assets to Cenovus for $13.3 billion; significant transaction accelerates value proposition

* ConocoPhillips - cash portion of proceeds will be used to reduce debt to $20 billion in 2017 and double existing share repurchase authorization to $6 billion

* ConocoPhillips- also intends to triple its planned 2017 buybacks from $1 billion to $3 billion, with remaining $3 billion allocated to 2018 and 2019

* ConocoPhillips - disposed assets had a net book value of approximately $10.9 billion as of Dec. 31, 2016

* ConocoPhillips - ConocoPhillips Canada will retain its operated 50 percent interest in Surmont Oil Sands joint venture

* ConocoPhillips - ConocoPhillips Canada will retain its operated 100 percent Blueberry-Montney unconventional acreage position

* ConocoPhillips- full-year estimated 2017 production and operating expenses associated with assets being sold is $0.4 billion

* ConocoPhillips- company does not expect any change to 2017 capital expenditures

* ConocoPhillips - expects to recognize a financial tax accounting benefit of approximately $1 billion in Q1 of 2017 Source text for Eikon: Further company coverage:

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