Cenovus looks to soothe investors' nerves after Conoco deal backlash [Business News Network (BNN) Energy & Resources (Canada)]
Cenovus Energy Inc (CVE)
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Source: Business News Network
Cenovus looks to soothe investors' nerves after Conoco deal backlash Cenovus Energy ( CVE.TO ) Chief Executive Officer Brian Ferguson will attempt to soothe the nerves of investors burned by the near 50 per cent decline in the company’s stock price this year at the company’s investor day on Tuesday. The bulk of the declines in the company’s shares came in the wake of its $17.7-billion acquisition of ConocoPhillips’ ( COP.N ) oil sands assets on March 29, a deal that wreaked havoc on Cenovus’s previously pristine balance sheet. The company was panned by investors over the price tag for the assets, which included Conoco’s 50 per cent stake in the Foster Creek–Christina Lake (FCCL) Partnership, which far exceeded the $12.7 billion Canadian Natural Resources ( CNQ.TO ) spent to snap up Shell’s (RDSa.N) Athabasca Oil Sands Project assets as super-majors beat a retreat from Canada’s oil sands. Cenovus’s acquisition also includes most of Conoco’s conventional assets in Alberta and British Co
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