ConocoPhillips jumps on Canada deal; US stocks flat

US stocks were flat early Thursday, but shares of ConocoPhillips surged after it struck a deal to sell several Canadian oil and gas assets to Cenovus for $13.3 billion.

Analysts described sentiment as cautious due to lingering uncertainty over President Donald Trump's policy agenda and negotiations on Britain's exit from the European Union.

US growth in the fourth quarter was nudged up to 2.1 percent from the prior 1.9 percent estimate, according to official government data.

At 12 minutes into trading, the Dow Jones Industrial Average was up a hair at 20,662.18.

The broad-based S&P 500 slipped slightly to 2,360.46, while the tech-rich Nasdaq Composite Index was marginally positive at 5,899.51.

ConocoPhillips jumped 6.6 percent after announcing a deal to sell 50 percent of the Foster Creek Christina Lake oil sands project, as well as some Canadian natural gas assets, to Cenovus.

Calgary-based Cenovus, which said the deal would lead to greater operational efficiency with its other oil sands assets, tumbled 10.9 percent.

ConocoPhillips said the transaction would allow it to reduce debt and double its share repurchase authorization to $6 billion.

Yoga and athletic attire company Lululemon Athletica sank 20.9 percent as it projected first-quarter sales and profits well below analyst expectations and said it experienced a "slow" start to 2017.