Cenovus selling Palliser assets in Alberta to Torxen for $1.3B
Deal the latest in a string of asset sales from Calgary-based oil and gas giant
The Canadian Press Posted: Oct 19, 2017 8:21 AM MT Last Updated: Oct 19, 2017 8:21 AM MT
Cenovus Energy Inc. says it has agreed to sell its Palliser crude oil and natural gas assets in southeastern Alberta to Torxen Energy and Schlumberger for $1.3 billion.
The cash sale is expected to close in the fourth quarter, subject to customary conditions.
This is the latest in a string of assets the Calgary-based oilsands company has sold to reduce its $3.6 billion asset-sale bridge facility.
On Sept. 25, Cenovus said it had agreed to sell its Suffield crude oil and natural gas operations in southern Alberta to International Petroleum Corporation for $512 million in cash.
The company earlier announced the sale of its Pelican Lake heavy oil operations in northern Alberta for $975 million in cash to cross-town rival Canadian Natural Resources.
In late March Cenovus announced the $17.7 billion acquisition of most of the Canadian assets of Houston-based ConocoPhillips, along with a plan to raise $3 billion by issuing new shares and the marketing of its Pelican Lake and Suffield operations.
- Cenovus selling Pelican Lake operations to Canadian Natural for $975M
- Cenovus sells Suffield for $416M to International Petroleum
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