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ConocoPhillips To Sell Canadian Oil Sands



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.