Cenovus Energy Inc. has closed its previously announced purchase of assets in Western Canada from ConocoPhillips after receiving all necessary regulatory approvals for the transaction. The acquired assets include ConocoPhillips’ 50% interest in the FCCL Partnership, the oil sands venture which was jointly owned with and operated by Cenovus, as well as the majority of ConocoPhillips’ Deep Basin conventional assets in Alberta and British Columbia.

“With the completion of this transformational deal, we now have full control of our best-in-class oil sands projects and an exciting new growth platform in the Deep Basin that provides us with significant short-cycle development opportunities to complement our long-term oil sands growth portfolio,” said Brian Ferguson, Cenovus President & Chief Executive Officer. “As a result of this transaction, we’ve now doubled our production and reserves base.”

In the coming months, Cenovus will remain firmly focused on:

- Continuing to safely and reliably operate all of its assets
- Efficiently integrating the Deep Basin assets and staff into the company
- Deleveraging its balance sheet, including using the proceeds of planned divestitures, such as the sale of the company’s Pelican Lake and Suffield assets, which are currently being marketed.

Cenovus intends to provide an update on its investment plans for its consolidated oil sands business and newly acquired Deep Basin assets at its Investor Day on June 20, 2017.

About Cenovus Energy Inc.

Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) is a Canadian integrated oil company. It is committed to applying fresh, progressive thinking to safely and responsibly unlock energy resources the world needs. Operations include oil sands projects in northern Alberta, which use specialized methods to drill and pump the oil to the surface, and established natural gas and oil production in Alberta, British Columbia and Saskatchewan. The company also has 50% ownership in two U.S. refineries. Cenovus shares trade under the symbol CVE and are listed on the Toronto and New York stock exchanges.

About ConocoPhillips

ConocoPhillips (NYSE: COP) is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 17 countries, $90 billion of total assets, and approximately 13,300 employees as of Dec. 31, 2016. Production excluding Libya averaged 1,567 MBOED in 2016, and proved reserves were 6.4 billion BOE as of Dec. 31, 2016.