The Rumors Are True: Canadian Natural Buys Cenovus' Pelican Lake Assets
The longtime rumors came true Sept. 5 when Cenovus Energy entered into an agreement to sell its Pelican Lake assets to Canadian Natural Resources for CAD 975 million. The assets currently produce approximately 19.6 thousand barrels oil equivalent per day, and the transaction is expected to close before the end of September.The deal is a positive for Cenovus, as we value the assets at approximately CAD 800 million. Most important, the deal is a big step toward balance sheet deleveraging. We expe...
Cenovus Energy is in the business of development, production and marketing of crude oil, natural gas and natural gas liquids ("NGLs") in Canada with refining operations in the U.S. Co. operates in two business segments: Upstream, which includes Co.'s development and production of crude oil, NGLs in Canada, is organized into two operations: Oil sands and conventional; and Refining and Marketing, which is focused on the refining of crude oil products into petroleum and chemical products at two refineries located in the U.S. This segment also markets Co.'s crude oil and natural gas, as well as third-party purchases and sales of product.
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