Equities

Reuters reveals ConocoPhillips preparing to sell stake in Cenovus; market reacts

Reuters reveals ConocoPhillips preparing to sell stake in Cenovus; market reacts

Shares in Canadian oil and gas firm Cenovus Energy extended losses to drop as much as 8.8 percent after Reuters exclusively reported that U.S. energy firm ConocoPhillips is preparing to sell its stake valued at about $2 billion as early as this month. According to Reuters sources, ConocoPhillips has interviewed investment banks to appoint advisors ahead of the planned sale.