ConocoPhillips finalizes $390 million acquisition of Canadian holdings


 ConocoPhillips announced that it has completed the previously announced $390 million transaction to acquire additional Montney acreage in Canada from Kelt Exploration Ltd.

The company also assumed approximately $30 million in financing obligations for associated partially owned infrastructure. The company now has 295,000 net acres in the Montney with 100 percent working interest.

“The liquids-rich Montney represents an attractive low cost of supply resource within our portfolio,” said Matt Fox, executive vice president and chief operating officer. “By nearly doubling our net acreage position, this acquisition provides us with the scale to optimize development in an area where we are already seeing encouraging early results.”

Production associated with the acquired asset was approximately 15 thousand barrels of oil equivalent per day (MBOED) in the second quarter of 2020. Given ongoing variability and uncertainty in the outlook for production curtailments, the company will continue to suspend forward-looking guidance and sensitivities.

Source: ConocoPhillips

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