ConocoPhillips shares rally on sale of oil sands interest to Cenovus
ConocoPhillips shares rallied in the extended session Wednesday after the oil company agreed to sell its interest in an oil sands joint venture to Cenovus Energy Inc. ConocoPhillips shares rallied 5.7% to $48.58, while Cenovus shares fell 8.3% to $12 after hours. Under the agreement, Cenovus will acquire ConocoPhillips's 50% stake in the FCCL Partnership, which is operated by Cenovus, for $17.7 billion, or $14.1 billion cash and 208 million Cenovus shares. The companies expect the deal to close in the second quarter.
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