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- Cenovus Energy (NYSE:CVE) agrees to sell its Husky retail fuels network and the Wembley assets in its conventional business in separate deals totaling nearly $660M.
- Cenovus will sell 337 gas stations in its Husky retail fuels network to Parkland Corp. for $420M, but the company will retain its commercial fuels business, which includes ~170 cardlock, bulk plant and travel center locations.
- In the conventional segment, the company will sell its primarily Montney assets in Wembley for $238M.
- With the two sales, Cenovus now expects to realize more than $1.1B of total proceeds from sales announced in 2021, with sale proceeds advancing net debt repayment towards the company's longer-term target of $8B.
- Earlier this month, Cenovus said it achieved its interim net debt target of $10B.