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Making sense of the markets this week: August 4, 2024 Aug 2nd
Michael McCullough is a contributing editor to MoneySense and a financial writer and editor in Duncan, B.C.
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Calgary-based Cenovus Energy says it will spend $17.7 billion to acquire most of the Canadian assets of ConocoPhillips, making the Houston-based company the latest international player to exit the oilsands.
McGill University campus is seen Tuesday, June 21, 2016 in Montreal. The author of a controversial article about Quebec that appeared in Maclean’s magazine this week has stepped down from his post at McGill University.Andrew Potter said in a social media post Thursday his resignation as director of the Institute for the Study of Canada was effective immediately. (Paul Chiasson/CP)Here’s a highly provocative thing to say at this juncture: Maclean’s and McGill University, not so different.
We’re both in the business of ideas. We both like to stock our ranks with extraordinarily smart people who have interesting theories, opinions, approaches and ways of looking at the world. We probe, we investigate, we accumulate knowledge and facts, all in the name of higher ideals. For McGill, those higher ideals are education, knowledge, excellence. For Maclean’s, they are journalism, democracy, civil engagement.
We’re both in the business of the passionate pursuit of truth. But last week McGill chose a different—and in our view deeply troubling—path…
Why buying Maple Leaf Foods stock is becoming a riskier bet
– theglobeandmail.com
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Public investment and the innovation agenda
– theglobeandmail.com
The federal government is moving in the right direction, but must take longer-term public-equity stakes to reap the rewards and anchor footloose investments
Cenovus Energy is buying ConocoPhillips’ Canadian assets for $17.7 billion
– canadianbusiness.com
CALGARY — Cenovus Energy (TSX:CVE) announced Wednesday it will spend $17.7 billion to acquire most of the Canadian assets of ConocoPhillips, making the Houston-based company the latest international player to reduce its exposure to the oilsands.
Cenovus CEO Brian Ferguson called it a “transformational acquisition” for the Calgary-based company.
“The purchase of these assets is consistent with Cenovus’s existing strategy and core competencies,” Ferguson said in a statement.
“Consolidating our ownership at Foster Creek, Christina Lake and Narrows Lake has consistently ranked as our best strategic opportunity to increase leverage to a portfolio of top-tier oilsands assets.”
The deal, which was announced after the close of markets, includes ConocoPhillips’s 50 per cent interest in the FCCL Partnership, an oilsands venture between the two companies in northern Alberta, as well as the majority of ConocoPhillips’s Deep Basin conventional assets in Alberta and British Columbia…
Cenovus CEO Brian Ferguson called it a “transformational acquisition” for the Calgary-based company.
“The purchase of these assets is consistent with Cenovus’s existing strategy and core competencies,” Ferguson said in a statement.
“Consolidating our ownership at Foster Creek, Christina Lake and Narrows Lake has consistently ranked as our best strategic opportunity to increase leverage to a portfolio of top-tier oilsands assets.”
The deal, which was announced after the close of markets, includes ConocoPhillips’s 50 per cent interest in the FCCL Partnership, an oilsands venture between the two companies in northern Alberta, as well as the majority of ConocoPhillips’s Deep Basin conventional assets in Alberta and British Columbia…
