XOP - ConocoPhillips Buys Canadian Oil Asset For $551 Million: Great Capital Allocator Headed North Of The Border
ConocoPhillips (COP) is buying Kelt Exploration's (KELTF) Inga asset for $510 million cash plus $41 million of assumed liabilities (all dollars Canadian, translates to $411 million USD as of transaction announcement). This is a break in what had been a long trend of oil majors and large independents selling Canadian assets. And it is Conoco's first acquisition since the COVID-19 driven oil downturn, noteworthy partly because of Conoco's reputation as among the best-in-class capital allocators.
A 2019 profile of Conoco in the Houston Chronicle captured this reputation:
Discipline. Resilience. Value. Returns.
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