Cenovus CEO Ferguson to retire; company to sell $4B-$5B in non-core assets

|About: Cenovus Energy, Inc. (CVE)|By:, SA News Editor

Cenovus Energy (NYSE:CVE) says President and CEO Brian Ferguson will retire on Oct. 31; he will continue in a transition advisor role until March 31, 2018.

Ferguson has been President and CEO since CVE was formed in November 2009.

CVE also establishes a five-year plan that it expects will generate 14% annualized free funds flow growth through 2021 while increasing production at a 6% compound annual growth rate and reducing debt.

CVE is progressing in its plan to divest non-core assets and is targeting US$4B-US$5B in announced sales agreements by year-end, which it says should more than satisfy the $3.6B asset sale bridge facility used to help fund the purchase of western Canadian oil sands from ConocoPhillips.

CVE +1.4% premarket.

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