© 2021 Public Radio Tulsa
800 South Tucker Drive
Tulsa, OK 74104
(918) 631-2577

A listener-supported service of The University of Tulsa
PRT Header Color
classical 88.7 | public radio 89.5
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations
Local & Regional

ConocoPhillips To Sell Canadian Oil Sands

Headquarters-2.jpg
ConocoPhillips
/

 

Cenovus Energy says it will pay $13.2 billion for most of ConocoPhillips' Canadian assets.

Houston-based ConocoPhillips is the latest company to reduce exposure to Canada's oil sands — the world's third-largest oil reserves.

Cenovus CEO Brian Ferguson called it a "transformational acquisition" for the Calgary-based company.

Royal Dutch Shell earlier this month sold most of its oil sands holdings to Canadian Natural Resources Ltd.

Oil sands are a type of unconventional petroleum deposit.