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Cenovus Sells Additional Alberta Assets for $512M

Fort McMurray, AB, Canada / MIX 103.7
Cenovus Sells Additional Alberta Assets for $512M

Cenovus is selling its Suffield crude oil and natural gas operations in Southern Alberta to International Petroleum Corporation.

The sale is for $512 million.

The companies have also agreed to a deferred purchase price adjustment which will see Cenovus get monthly payments over the next two-years, depending on the price of oil for West Texas Intermediate and Henry Hub natural gas, which could add another $36 million to the sale.

This, along with their $975 million sale of its Pelican Lake heavy oil operations in Northern Alberta will reduce the company’s $3.6 billion dollar asset-sale bridge facility to help fund their acquisition of assets from ConocoPhillips.

The sale is expected to close sometime in the fourth quarter, subject to closing conditions.

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