Cenovus Energy Furthers Debt Goals with Nearly $660 Million in Asset Sales

Cenovus Energy Inc. said Nov. 30 it had reached agreements to sell its Husky retail fuels network and the Wembley assets in its conventional business for combined total cash proceeds of nearly CA$660 million.

The transactions mark the latest asset sales since the Canadian oil and gas producer laid out debt reduction plans at the start of 2021 following close of its all-stock merger with Husky Energy.

“This is another demonstration of Cenovus delivering on opportunities to continue to optimize our portfolio and unlock value from assets that will not attract significant investment in our business,” Alex Pourbaix, Cenovus’ president and CEO, commented in a company release.