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
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.