Cenovus divests Canadian assets for $517 million

Canada

CALGARY, November 30, 2021 – Cenovus Energy has reached agreements to divest USD 517 million worth of assets, the Canadian integrated energy company announced on Tuesday.

The sale will see the company sell its Husky retail petrol network and its conventional Wembley play in northwest Alberta.

The Husky network consisting of 337 petrol stations will be sold to Parkland Corporation and Federation Co-operatives for USD 329 million.

Cenovus Energy will retain its commercial petrol business, which includes 170 cardblock, bulk plant and travel centre locations.

The first sale is expected to close in mid-2022.

Cenovus Energy’s Wembley assets will be sold for USD 186 million.

Total production from the play averaged around 3,200 boepd in 2021, of which around 38% were oil and natural gas liquids.

The second sale is expected to close in December 2021. The buyer was not disclosed.

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