Shell, ConocoPhillips oil sands share selloff risks flooding market

Shell, ConocoPhillips oil sands share selloff risks flooding marketCanadian equity markets risk being swamped with oil sands company shares this year as Royal Dutch Shell (RDSa.L) and ConocoPhillips (COP.N) prepare to offload C$6.8 billion (3.9 billion pounds) worth of stakes in two domestic producers, just months after acquiring them. The two firms acquired shares in Canadian Natural Resources Ltd (CNQ.TO) and Cenovus Energy (CVE.TO) as part of deals struck earlier this year to sell off oil sands assets. Sources told Reuters on Tuesday that Shell has decided to sell its C$4.1 billion stake in CNRL while ConocoPhillips has said it is not a long term investor in Cenovus.