Cenovus sells Husky gas stations for $ 658 million – .

Cenovus sells Husky gas stations for $ 658 million – .

Cenovus Energy Inc. has entered into agreements to sell gas stations acquired as part of its takeover of Husky Energy Inc. and conventional assets in Alberta for a total of $ 658 million.
The company announced Tuesday after markets closed that it would sell 337 service stations from its Husky fuel retail network to Parkland Corp. and Federated Co-operatives Limited for $ 420 million, while retaining the commercial fuels business. The deal is expected to be finalized by mid-2022.

Cenovus also announced that it will sell assets primarily in the Montney formation in a $ 238 million transaction that is expected to close in December. The buyer has not been identified.

Total production at Montney’s assets averaged 3,200 barrels of oil equivalent per day this year.

Cenovus President and CEO Alex Pourbaix said in a press release that the asset sale will help the company streamline its portfolio, accelerate debt reduction and “support higher yields. for shareholders ”.

The company expects to make more than $ 1.1 billion in total asset sales so far this year.

Cenovus closed its takeover of Husky Energy for $ 3.8 billion in early January.


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