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ConocoPhillips CEO Jim Mulva put to rest the market rumors that his company might buy EnCana Corp.'s Canadian oil sands unit once it spins it off.
During a press conference after the company's annual meeting in Houston on Wednesday, Mulva said he didn't anticipate any changes with ConocoPhillips' joint venture with EnCana in the Canadian oil sands, nor did he see increased investment or participation in the oil sands in general.
"We were not aware of EnCana's decision to restructure the company, and we were informed a day before it was announced," he said. EnCana announced the plan Monday.
That leaves the opportunity open to BP plc, Royal Dutch Shell plc and ExxonMobil Corp., as they're all looking at expanding their unconventional energy resources. But given environmentalists' cries about the impact the development of the oil sands is having on the area, already embattled ExxonMobil might stay away.
As for other large acquisitions, ConocoPhillips' Mulva said he didn't think the climate was right given high oil prices, among other things. "We done a lot of acquisitions," he said. "We need to demonstrate that we can grow the company organically rather than through M&A." - Claire Poole
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