Shell, ConocoPhillips oil sands share selloff risks flooding market: Reuters
Canadian equity markets risk being swamped with oil sands company shares this year as Royal Dutch Shell and ConocoPhillips prepare to offload $6.8 billion worth of stakes in two domestic producers, just months after acquiring them, Reuters reported. The companies acquired shares in Canadian Natural Resources Ltd and Cenovus Energy as part of deals struck earlier this year to sell off oil sands assets. With Canadian producers spending heavily this year on buying up fleeing majors' assets, there is a limited list of potential domestic buyers for the sale. The shares could attract interest from hedge funds, private equity and institutional investors if priced at a discount to the market price, energy sector analysts said.
25 May 2017•3 mins read
