Cenovus Energy to Sell Tucker Thermal Assets for $626 Million

Cenovus Energy Inc. on Dec. 16 agreed to sell its Tucker thermal assets in northeastern Alberta for CA$800 million (US$626.13 million), as the Canadian oil and gas producer looks to shed assets to repay debt.

Cenovus, which acquired Husky Energy earlier this year, has set an interim net debt target of $10 billion.

The company, which did not disclose the buyer, said it expects almost CA$2 billion in total proceeds from asset sales announced in 2021, including the latest transaction.