CVE Cenovus Energy Inc.

Cenovus Energy to sell interest in WRB Refining to Phillips 66

Cenovus Energy to sell interest in WRB Refining to Phillips 66

CALGARY, Alberta, Sept. 09, 2025 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced it has reached an agreement for the sale, indirectly through wholly-owned subsidiaries, of its 50% interest in WRB Refining LP (WRB) to its joint venture partner Phillips 66. The consideration will consist of US$1.4 billion in cash, or approximately C$1.9 billion, subject to customary closing adjustments.

“This transaction aligns with our strategy of owning and operating the assets that are core to our business. After the sale of WRB, our downstream business will be more focused, comprised of assets we control, which provide physical integration and egress for our leading upstream heavy oil business,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “The proceeds from this transaction will allow us to accelerate shareholder returns over the near term.”

The WRB joint venture includes the Wood River Refinery in Illinois and the Borger Refinery in Texas, which have combined crude throughput capacity of 495,000 barrels per day (bbls/d), or 247,500 bbls/d net to Cenovus. After divesting its interest in WRB, Cenovus’s downstream business will be comprised of the Lloydminster Upgrader, Lloydminster Refinery, Lima Refinery, Toledo Refinery and Superior Refinery. Total crude throughput capacity of the business will be 472,800 bbls/d with approximately 55% heavy oil throughput capacity.

The transaction is expected to close around the end of the third quarter, subject to the satisfaction of customary closing conditions.

Use of proceeds and shareholder returns update

Proceeds from this transaction will be used to reduce the company’s net debt and to accelerate returns to shareholders in the form of increased share repurchases. In the third quarter, up to the end of August, the company purchased approximately 18.8 million of its common shares for $388 million, at an average price of approximately $20.59 per share.

Advisory

Forward‐looking Information

This news release contains certain forward‐looking statements and forward‐looking information (collectively referred to as “forward‐looking information”) within the meaning of applicable securities legislation about Cenovus’s current expectations, estimates and projections about the future of Cenovus based on certain assumptions made in light of Cenovus’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward‐looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward‐looking information in this document is identified by words such as “continue”, “expect”, “increasing”, “opportunity”, and “will”, or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: the sale of Cenovus’s interest in WRB; reduction of net debt; a more focused downstream business; physical integration and egress for upstream assets; throughput capacity; and timing of closing of the transaction.

Developing forward‐looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward‐looking information in this news release are based include, but are not limited to: the completion of the transaction on anticipated terms and timing, or at all; the satisfaction of customary closing conditions; general economic, market and business conditions; commodity prices; ability to  increase shareholder returns; and the assumptions inherent in Cenovus’s 2025 corporate guidance available on .

The risk factors and uncertainties that could cause actual results to differ materially from the forward‐looking information in this news release include, but are not limited to: changes to general economic, market and business conditions; not completing the transaction on anticipated terms and timing, or at all, including the satisfaction of customary closing conditions; inability to increase shareholder returns; volatility of, and other assumptions regarding, commodity prices; product supply and demand and other risks identified under “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis (MD&A) for the year ended .

Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward‐looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s MD&A for the periods ended  and  and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at , on EDGAR at  and Cenovus’s website at ).

Cenovus Energy Inc.

Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit .

Find Cenovus on , ,  and .

Cenovus contacts

InvestorsMedia
Investor Relations general line

403-766-7711
Media Relations general line

403-766-7751


EN
09/09/2025

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Cenovus Energy Inc.

 PRESS RELEASE

Cenovus Energy to sell interest in WRB Refining to Phillips 66

Cenovus Energy to sell interest in WRB Refining to Phillips 66 CALGARY, Alberta, Sept. 09, 2025 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced it has reached an agreement for the sale, indirectly through wholly-owned subsidiaries, of its 50% interest in WRB Refining LP (WRB) to its joint venture partner Phillips 66. The consideration will consist of US$1.4 billion in cash, or approximately C$1.9 billion, subject to customary closing adjustments. “This transaction aligns with our strategy of owning and operating the assets that are core to our business. Aft...

Moody's Ratings changes Cenovus' outlook to negative; affirms Baa1 rat...

Moody's Ratings (Moody's) affirmed Cenovus Energy Inc.'s (Cenovus) Baa1 senior unsecured ratings and changed the outlook to negative from stable. The rating action follows the announcement on August 22, 2025 that Cenovus has entered into a plan of arrangement to acquire all of MEG Energy Corp.'s (ME...

 PRESS RELEASE

Cenovus announces agreement to acquire MEG Energy

Cenovus announces agreement to acquire MEG Energy CALGARY, Alberta, Aug. 22, 2025 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced that it has entered into a definitive arrangement agreement to acquire MEG Energy Corp. (TSX: MEG) (“MEG”) in a cash and stock transaction valued at $7.9 billion, inclusive of assumed debt. Under the terms of the agreement, Cenovus will acquire all of the issued and outstanding common shares of MEG for $27.25 per share, which will be paid 75% in cash and 25% in Cenovus common shares. Each MEG shareholder will have the option to e...

 PRESS RELEASE

Cenovus announces second-quarter 2025 results

Cenovus announces second-quarter 2025 results CALGARY, Alberta, July 31, 2025 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its second-quarter 2025 financial and operating results. The company generated approximately $2.4 billion in cash from operating activities, $1.5 billion of adjusted funds flow and $355 million of free funds flow. Total upstream production was 765,900 barrels of oil equivalent per day (BOE/d)1, reflecting planned turnarounds at the Foster Creek and Sunrise oil sands assets, maintenance at offshore facilities and short-term production...

 PRESS RELEASE

Cenovus to hold second-quarter 2025 conference call and webcast on Jul...

Cenovus to hold second-quarter 2025 conference call and webcast on July 31 CALGARY, Alberta, July 24, 2025 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) will release its second-quarter 2025 results on Thursday, July 31, 2025. The news release will provide consolidated second-quarter operating and financial information. The company’s financial statements will be available on Cenovus’s website, . Second-quarter 2025 conference call: 9 a.m. MT (11 a.m. ET) For analysts wanting to join the call, please in advance. To participate, you must complete the online registrat...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch