CALGARY — ConocoPhillips plans to promote its roughly 10 per cent stake in Cenovus Power Inc. as a part of a plan to pay for a repurchase of its personal shares.
The U.S. vitality firm acquired shares in Cenovus in 2017 when the Calgary-based firm purchased some oilsands operations and pure gasoline property from ConocoPhillips.
Cenovus paid $17.7 billion in that deal, together with $14.1 billion in money and 208 million shares.
ConocoPhillips introduced the plan to promote the shares because it reported its first-quarter outcomes. It says it plans to promote the shares within the open market starting within the second quarter of 2021 and expects to finish the gross sales by the fourth quarter of 2022.
It says the tempo of the gross sales can be guided by market circumstances.
Cenovus shares had been down 42 cents or about 4 per cent at $9.49 in mid-morning buying and selling on the Toronto Inventory Alternate.
This report by The Canadian Press was first revealed Could 4, 2021.
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The Canadian Press