News & Insights

Cases & Deals

April 7, 2017

King & Spalding Advises ConocoPhillips on Sale of Foster Creek Christina Lake Partnership Interest and Western Canada Deep Basin Gas Assets for $13.3 Billion

ATLANTA, March 29, 2017— King & Spalding represented ConocoPhillips (NYSE: COP) in the sale of its 50% non-operated interest in the Foster Creek Christina Lake oil sands partnership, as well as the majority of its western Canada Deep Basin gas assets, to Cenovus Energy Inc. (TSX, NYSE: CVE) for $13.3 billion.  The consideration to be paid consists of $10.6 billion in cash and 208 million newly-issued Cenovus common shares, valued at $2.7 billion as of March 28, 2017.  King & Spalding advised ConocoPhillips regarding investor rights and U.S. securities law matters associated with ConocoPhillips’ investment in the Cenovus common shares to be issued upon the closing of the transaction. 

More details concerning the transaction can be found here.

The King & Spalding team on this transaction includes Keith Townsend and Zach Cochran.  Additional assistance on this transaction was provided by Jeff Malonson, Rob Leclerc and Jeff Perry, who assisted on certain corporate matters, and Jeff Spigel and John Carroll, who assisted on U.S. antitrust matters. 

About King & Spalding
Celebrating more than 130 years of service, King & Spalding is an international law firm that represents a broad array of clients, including half of the Fortune Global 100, with 1,000 lawyers in 19 offices in the United States, Europe, the Middle East and Asia. The firm has handled matters in over 160 countries on six continents and is consistently recognized for the results it obtains, uncompromising commitment to quality, and dedication to understanding the business and culture of its clients. More information is available at