BP Exits Canada’s Oil Sands in CA$600 Million Swap Transaction with Cenovus

To buy BP’s 50% nonoperated interest in the Sunrise oil sands project in northern Alberta, Canada; total consideration includes CA$600 MM in cash, a CA$600 MM contingent payment and Cenovus’s 35% position in the undeveloped Bay du Nord project offshore Newfoundland and Labrador. (Expected to close 3Q 2022)