In my opinion. Why would CNE sell for $US600M? It is only a...

In my opinion.

Why would CNE sell for $US600M? It is only a rumour. Their 30% holding's NPV is worth about 2.5 times more at FID which is less than a year away. Conversely BP is going to want a discount, so if CNE is wanting to sell they cant expect the full value.

On the other hand COP needed to sell SNE to satisfy their bankers and to dress up their annual report at the end of 2016. WPL had the cash to pay, and were able to do so in COP's required time frame. Then subsequently in February 2017 COP sold their Canadian tar sands for $US13.3B, which was in my opinion their main game, and for which the sale of SNE bought the required time. The consequences of their sale of SNE to WPL was not important to COP at that time.

However, regardless of COP's financial requirements they still need to follow the legal requirements of the JV agreement, which is what arbitration will determine, and also if there are any required remedies.

Now that COP have put their company in a good financial position, they now need to defend themselves to minimise any consequences.

We will have to wait and see.

DYOR.