UPDATE:ConocoPhillips To Sell Syncrude Stake To Sinopec For $4.65 Billion
13 4월 2010 - 3:12AM
Dow Jones News
ConocoPhillips (COP) has agreed to sell its stake in the
Syncrude oil sands project in Canada to China Petroleum &
Chemical Corp. (SNP, 0386.HK) for $4.65 billion--a sign that
China's national oil companies have secured a strong foothold in
one of the world's most important crude sources.
The deal marks the biggest energy investment of a Chinese
government-backed company in North America and it underscores
China's increasingly assertive strategy to secure energy resources
around the world. The country's rapid growth and emerging middle
class has made it the top automobile market in the world,
surpassing the U.S. earlier this year, and its state-backed oil
companies have been acquiring both oil and gas reserves and storage
globally.
Just last month, Cnooc Ltd. (0883.HK), China's top offshore oil
explorer, said it agreed to pay $3.1 billion in cash for a stake in
one of the largest Argentine oil exploration companies. Last year,
Cnooc bought stakes in the U.S. Gulf of Mexico from Statoil. The
Chinese companies' successful bids stand in stark contrast to
Cnooc's 2005 attempt to buy Unocal, which the company abandoned
after it sparked stiff resistance from U.S. lawmakers.
The move by Sinopec, as the international arm of China Petroleum
and Chemical Corp. is known, further strengthens China's presence
in Alberta's oilsands, a rich oil-producing area that has enabled
Canada to become the largest exporter of crude to the U.S. In
February, PetroChina purchased a stake in an Athabasca oil Sands
Corp. (ATH.T) project for C$1.9 billion.
Syncrude is the largest Canadian oil-sands project, and produced
an average of 280,000 barrels per day last year, or about 10% of
Canada's oil production. It's a joint venture operated by Canadian
Oil Sands Trust (COSWF, COS.UN.T), Imperial Oil Ltd. (IMO, IMO.T),
Suncor Energy Inc. (SU, SU.T), ConocoPhillips (COP), Nexen Inc.
(NXY, NXY.T), Murphy Oil Corp. (MUR) and Mocal Energy, a unit of
Japan's Nippon Oil Corp. (5020.TO). ConocoPhillips owns the
third-largest stake at 9.03%.
The deal increases ConocoPhillips' credibility with investors
that it will be able to obtain $10 billion from its asset sale,
which was announced early this year as part of a restructuring plan
to shore up its finances. The deal price almost doubles the best
estimates analysts had for Conoco's Syncrude stake, according to
Fadel Gheit, an analyst with Oppenheimer & Co. Inc.
"This is a very strong start," Gheit said. "Conoco beat
everybody's expectations."
ConocoPhillips, the third-largest U.S. oil company by market
value after ExxonMobil Corp. (XOM) and Chevron Corp. (CVX), said in
March that most of the asset sales are expected in the second half
of the year.
ConocoPhillips has been the hardest hit among U.S. major oil
companies, as it amassed more debt and was more exposed than others
to the drop in natural gas prices, which hit a seven-year low in
2009.
The transaction to sell the stake to Sinopec is expected to
close in the third quarter once Canadian and Chinese government
approvals are obtained. Sinopec is Asia's largest refiner by
capacity and has been a bit acquisitive lately, as it agreed last
month to acquire deep-water oil assets in Angola, its first
acquisition of overseas upstream assets.
ConocoPhillips' shares were recently up 1.0% to $55.90, while
Sinopec's American depositary shares were down 0.7% to $85.30.
-By Isabel Ordonez, Dow Jones Newswires; 713-547-9208;
isabel.ordonez@dowjones.com
(John Kell contributed to this article.)
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