We ask you to keep your comments relevant and respectful. Cenovus owns a crude-by-rail terminal northeast of Edmonton. The combined company will be better able to weather energy market volatility while generating more cash flow, reducing debt and cutting overall costs, said Cenovus CEO Alex Pourbaix, who will head the merged entity. Vancouver harm reduction group provides naloxone training and drug-use education; ... Cenovus production in the second quarter was 465,415 barrels of … Read more about cookies here. “The diverse portfolio will enable us to deliver stable cash flow through price cycles,” Alex Pourbaix, Cenovus President and Chief Executive Officer said. That followed Chevron Corp’s $4.2 billion purchase of Noble Energy. The most recent larger deals happened in the first quarter of 2017, when Cenovus bought ConocoPhillips assets and Canadian Natural purchased assets from Shell and Marathon Oil. "Cenovus is actively managing its production levels as market conditions change to optimize the value it receives for its products," the company stated. Thank you for your patience as we work towards bringing this back. Cenovus’ deal for Husky is valued at C$23.6 billion, including debt, the companies said in a joint statement. The deal is the biggest oil and gas industry M&A in nearly four years, based on enterprise value, said Tom Pavic, president of Sayer Energy Advisors, which advises on M&A. I'd love to put down the phone and walk with you, Facebook comments not loading? He added about $200 million in savings will come from sharing technical expertise and the other $600 million through better use of capital by focusing on assets with higher return potential. Today, Cenovus Energy reported a $1.8-billion first-quarter loss. This report by The Canadian Press was first published Oct. 25, 2020. According to the federal government, Canada produced 4.6 million barrels per day in 2018 (including condensates and pentanes plus).

Husky is controlled by Hong Kong billionaire Li Ka-Shing through Hutchison Whampoa Europe Investments SARL, with 40.1 per cent, and L.F. Investments SARL, which holds 29.32 per cent of the company's common shares.

"Over the past several months as we worked together on this transaction, from a value and strategic perspective, the merits and overall fit have become abundantly clear," he said on the call. Cenovus said the deal would create Canada’s third-largest producer based on total company output behind Canadian Natural Resources Ltd and Suncor Energy Ltd. Husky shareholders will receive 0.7845 of a Cenovus share and 0.0651 of a Cenovus share purchase warrant in exchange for each Husky common share, according to the statement. The combined company is expected to generate annual synergies of C$1.2 billion and will operate as Cenovus Energy Inc with headquarters in Alberta, Canada, the statement said. Today, Cenovus Energy reported a $1.8-billion first-quarter loss. The next issue of Top Stories Newsletter will soon be in your inbox. The deal, announced on Sunday, follows recent big deals in the United States. After the deal closes, Cenovus shareholders would own 61% of the combined entity, with Husky shareholders controlling the rest.


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