Welcome to the U.S. Energy Information Administration overview of the acquisition of Gulf Canada Resources, Ltd. by Conoco Inc., which was announced May 29, 2001. Conoco reportedly will pay (U.S.)$6.3 billion for Gulf Canada, including (U.S.)$2.0 billion in assumed debt. The merger will increase Conoco's world-wide proved reserves by 40 percent (on a barrel of oil equivalent basis). For further information please call the National Energy Information Center at (202) 586-8800.

The Acquisition of Gulf Canada Resources, Ltd. by Conoco Inc.

Background

On May 29, 2001, Conoco agreed to acquire Gulf Canada Resources for approximately (U.S.)$6.3 billion, including (U.S.)$2.0 billion in assumed debt.   Conoco said the acquisition would increase its proved reserves worldwide by 40 percent (on a barrel of oil equivalent basis), including more than doubling its reserves in Southeast Asia.   Conoco, an integrated oil and gas company that was spun off by DuPont in 1998, produces oil and gas mainly in the United States and the North Sea (United Kingdom and Norway).   Gulf Canada is an independent oil and gas producer focusing on Western Canada, with substantial operations in Indonesia.   Gulf Canada's operations in the United States are minimal and are not reported separately by the company.

 

Financial Analysis Team, Office of Energy Markets and End Use, Energy Information Administration, May 29, 2001

Contact:
Larry Spancake
larry.spancake@eia.doe.gov
Fax: (202) 586-9753

OR

National Energy Information Center
Phone: (202) 586-8800

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