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...
Canadian Natural Resources is an independent crude oil and natural gas exploration, development and production company. Co.'s exploration and production operations are focused in North America, largely in Western Canada; the U.K. portion of the North Sea; and CA'te d'Ivoire, Gabon, and South Africa in Offshore Africa. Co. had total proved reserves of 5.71 billion barrels of oil equivalent. Co.'s gross proved crude oil, bitumen (thermal oil), synthetic crude oil and natural gas liquids reserves totaled 4.70 billion barrels and its gross proved natural gas reserves totaled 6,106.00 billion cubic feet.
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