Cenovus Energy (CVE) announced it has reached an agreement for the sale, indirectly through wholly-owned subsidiaries, of its 50% interest in WRB Refining to its joint venture partner Phillips 66 (PSX). The consideration will consist of US$1.4B in cash, or approximately C$1.9B, 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.”
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