Sunday, March 03, 2013

ConocoPhillips looking to divest some oilsands assets

The Wall Street Journal is reporting that ConocoPhillips is looking to sell some assets, including some oilsands ones. The story is behind a paywall but BOOM! You're welcome.

Reasoning is apparently that these assets (along with Australian LNG projects) are too expensive for what they're producing, particularly with the Canadian (and Australian) dollars so high. It's unclear which assets they had in mind, or if it's all of them. Conoco's main oilsands assets are Surmont (which it owns 100% of) and Christina Lake/Foster Creek (which it owns 50% of with Cenovus, who operates the properties). It was looking to sell some of Surmont and some other little (or early) projects last year, not sure what came of it in the end. Maybe this is the same process and they're just taking their time.

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