L.F. Investments S.à r.l.’s legal advisor is Marvin Yontef, Esq. The SEC requires U.S. oil and gas reporting companies, in their filings with the SEC, to disclose only proved reserves after the deduction of royalties and production due to others, but permits the optional disclosure of probable and possible reserves. Canada's Cenovus tumbles as analysts question $2.9 billion purchase of rival .. Cenovus shares plummet on news of its $3.8-billion deal to buy oilsands rival, TSX falls on energy weakness as surging virus cases weigh, Ambition to achieve net zero emissions by 2050; specific ESG targets and plan to be announced post close, The companies will host a joint conference call and webcast today, Sunday, October 25, 2020, starting at 11:00 a.m. MT (1:00 p.m. To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities).
Events or circumstances could cause the combined company's actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information. Refining; Canadian Refined Products; Annual Report 2019 ESG Report 2020 … Further details regarding this strategic transaction will be available on Cenovus’s and Husky’s SEDAR profiles at sedar.com and on Cenovus’s website at cenovus.com and Husky’s website at huskyenergy.com.

Cenovus Energy Inc. and Husky Energy Inc. have agreed to merge in an all-stock transaction valued at $23.6 billion, inclusive of debt. They see something bigger or more valuable in that asset than if they would build an equivalent," said Kevin Birn, an oilsands analyst with IHS Markit. Oil Sands includes the development and production of bitumen from the Sunrise Energy Project.

Scotia also predicts there will be further consolidation among Calgary-based oil sands producers, with MEG Energy Corp. a possible takeover target. During that wait companies may face a changing regulatory process, construction cost changes and fluctuating commodity prices.
The integration of Cenovus’s upstream assets with Husky’s downstream and midstream portfolio will also shorten the future value chain and reduce condensate costs associated with heavy oil transportation.

Cenovus will also make it a priority to continue building upon the strong local community relationships already established by both companies, with a focus on Indigenous economic reconciliation. Cenovus shares trade under the symbol CVE and are listed on the Toronto and New York stock exchanges.

Box 500 Station A Toronto, ON Canada, M5W 1E6. Netbacks reflect the margin of Cenovus on a per-barrel of oil equivalent basis. and L.F. Investments S.à r.l. The combined company will operate as Cenovus Energy Inc. and remain headquartered in Calgary, Alberta.

Hutchison Whampoa Europe Investments S.à r.l.’s legal advisors are Stikeman Elliott LLP and Skadden Arps Slate Meagher & Flom LLP.

At closing, the combined company is expected to have ample liquidity with $8.5 billion in undrawn committed credit facilities and no bond maturities until 2022. The large oilsands players keep growing and some experts expect the trend to continue, especially as heavy oil prices struggle to bounce back from the oil price downturn. Husky would leapfrog other companies like Devon, Chevron, Total and ConocoPhillips to become the fifth-largest oilsands producer, according to energy research firm Wood Mackenzie. Get access to our entire database of daily oil and gas prices, monthly energy statistics and oil sands production metrics. The companies have entered into a definitive arrangement agreement under which Cenovus and Husky will combine in an all-stock transaction valued at $23.6 billion, inclusive of debt.

Immediately following the close of the transaction, Hutchison Whampoa Europe Investments S.à r.l.

Estimates are presented using an average of three IQREs January 1, 2020 price forecasts.

Oil Sands includes the development and production of bitumen from the Sunrise Energy Project. In the takeover attempt of MEG, Husky said "The combined company will have a lower earnings break-even price of $40 per barrel US," for West Texas Intermediate, the North American benchmark.

This summer, Paris-based Total took a US$7-billion writedown on its oil sands assets. Full Disclaimer. Goldman Sachs Canada and CIBC Capital Markets are acting as financial advisors to Husky. ARA Petroleum Tanzania Ltd. completed farm-in of the Ruvuma petroleum sharing agreement in Tanzania when Ndovu Resources Ltd., a wholly owned subsidiary of Aminex, transferred 50% interest in the PSA to APT. But others say the rate of consolidation may slow down as fewer oilsands companies remain.

The companies anticipate additional future savings based on opportunities for further physical integration of the upstream and downstream heavy oil assets.

All other shareholders holding 5% or more of the combined company at closing of the transaction that do not have existing similar rights, will also be provided with customary registration and pre-emptive rights upon request.

The U.S. Securities and Exchange Commission (the "SEC") definitions of proved and probable reserves are different from the definitions contained in NI 51-101; therefore, proved and probable reserves disclosed herein may not be comparable to U.S. standards. We aim to create a safe and valuable space for discussion and debate. Audience Relations, CBC P.O. This news release contains certain forward-looking statements and forward-looking information (collectively referred to as "forward-looking information") within the meaning of applicable securities legislation, including the U.S.

The combined company is expected to generate an incremental $1.2 billion of annual free funds flow, comprised of $600 million in annual corporate and operating synergies and $600 million in annual capital allocation synergies, achievable independent of commodity prices.

The oil price crash and continued low value for heavy oil are other reasons for the influx of deals in the oilsands. That means: Comments that violate our community guidelines will be removed. Acquiring an existing project or company reduces the risk and there's no long wait to start generating revenue. Equinor ASA has appointed Svein Skeie to serve as acting executive vice-president and chief financial officer, effective Nov. 1, following the resignation of current executive vice-president and chief financial officer Lars Christian Bacher. It will be the second largest Canadian-based refiner and upgrader, with total North American upgrading and refining capacity of 660,000 b/d, which includes 350,000 b/d of heavy oil conversion capacity. Husky Energy is a Canadian-based integrated energy company. The expanded portfolio will enable more efficient, returns-focused capital allocation. In a recent report, analyst Greg Pardy at RBC Dominion Securities Inc. said Canadian Natural is the logical buyer of all these assets – the company is Athabasca’s operator and majority owner – and estimated the price tag would be $6.3-billion to $8.5-billion. Norealis Pipeline Sunrise → Cheecham Terminal 24" Ø bitumen • 112 km: MONTHLY …

Bennett Jones LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are acting as Cenovus’s legal advisors.

The company’s priority will be to maximize free funds flow by focusing investments on sustaining capital expenditures. If you are looking to give feedback on our new site, please send it along to, To view this site properly, enable cookies in your browser.

Non-subscribers can read and sort comments but will not be able to engage with them in any way. Increasing takeover activity in Canada would follow a wave of recent bid deals in the U.S. energy industry, including takeovers by Pioneer Natural Resources Co., ConocoPhillips and Chevron Corp.

Operations include oil sands projects in northern Alberta, which use specialized methods to drill and pump the oil to the surface using a technique called steam-assisted gravity drainage (SAGD). Each whole warrant will entitle the holder to acquire one Cenovus common share for a period of five years following the completion of the transaction at an exercise price of $6.54 per share. Cenovus and Husky combined are expected to be stronger, more competitive, efficient and profitable than either company on its own. Net change in other assets and liabilities is composed of site restoration costs and pension funding. Netback is defined as gross sales less royalties, transportation and blending, operating expenses and production and mineral taxes divided by sales volumes.

The integration of Cenovus’s best-in-class in situ oil sands assets with Husky’s extensive North American upgrading, refining and transportation network and high netback offshore natural gas production, will create a low-cost competitor and support long-term value creation.”. Suncor and Canadian Natural look to the oil sands for the bulk of their reserves, and are focused on meeting environmental challenges and decreasing their greenhouse gas emissions by re-engineering the way they extract and refine fossil fuels in Alberta. This resulted in a premium for Husky shareholders based on the current share prices. Cenovus's and Husky's netback calculation is aligned with the definition found in the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook”). For more information, visit cenovus.com. The combine, to …


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