Cenovus Energy to sell Palliser assets to Torxen and Schlumberger for £1.3bn

By zaymalz malz

Canadian oil company Cenovus Energy has agreed to sell its crude oil and natural gas assets located in Palliser, Alberta, to Torxen Energy and Schlumberger for a total $1.3bn.

The deal is the latest in a number of sales, with the firm’s aim of reducing its $3.6bn asset-sale bridge facility.

See also:

Just last month, Cenovus sold both its Pelican Lake heavy oil operations to Canadian Natural Resources for $975mn, and its Suffield crude oil and natural gas operations to International Petroleum Corporation for $512mn.

In addition, the firm is also looking to close the sale of its Weyburn carbon-dioxide oil recovery operation in Saskatchewan in the coming weeks.

“Our strategy to optimize our portfolio by selling non-core assets and using the proceeds to pay down debt is firmly on track,” said Brian Ferguson, President & Chief Executive Officer. “We continue to target between $4 billion and $5 billion in announced asset sale agreements by the end of the year, and we remain committed to returning to our long-term debt ratio target.”

The cash sale of the company’s Palliser assets is expected to close in Q4 2017, subject to customary agreements.


Featured Articles

Top 10 easiest countries in the world to do business

Business Chief takes a look at the top 10 places in the world to do business, according to TMF Group's Global Business Complexity Index (GBCI) for 2023

Patagonia Chair Charles Conn on becoming an imperfectionist

Entrepreneur and Patagonia Chair Charles Conn talks to Business Chief about rethinking strategy amid uncertainty, and why an imperfectionist approach works

Top 10 most valuable brands in the world – Amazon to TikTok

Business Chief takes a look at the top 10 most valuable brands in the world, according to Brand Finance, which puts 5,000 major companies to the test

Four priorities for new Twitter CEO Linda Yaccarino

Leadership & Strategy

Top 10 shifts transforming organisations – McKinsey & Co

Leadership & Strategy

Top 10 fastest-growing jobs in the world according to WEF

Technology & AI