Cenovus in billion-dollar asset sale

Canada

CALGARY, October 19, 2017 – Canada’s Cenovus Energy has agreed to sell its Palliser oil and gas assets to Torxen Energy and Schlumberger for CAD 1.3 billion (USD 1.04 billion), the independent announced on Thursday.

“Our strategy to optimise our portfolio by selling non-core assets and using the proceeds to pay down debt is firmly on track,” Brian Ferguson, company president and CEO, said in a statement. “We continue to target between CAD 4 billion [USD 3.2 billion] and CAD 5 billion [USD 4 billion] in announced asset sale agreements by the end of the year, and we remain committed to returning to our long-term debt ratio target.”

Credit Suisse and Scotiabank acted as advisers for the sale, which is expected to close in Q4, the press release added.