Canada's Cenovus to sell Tucker thermal assets for $626 million

  • 12/17/2021
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Dec 16 (Reuters) - Cenovus Energy Inc (CVE.TO) on Thursday agreed to sell its Tucker thermal assets in northeastern Alberta for C$800 million ($626.13 million), as the Canadian oil and gas producer looks to shed assets to repay debt. Cenovus, which acquired Husky Energy earlier this year, has set an interim net debt target of $10 billion. The company, which did not disclose the buyer, said it expects almost C$2 billion in total proceeds from asset sales announced in 2021, including the latest transaction. Cenovus also said it expects 2022 average production of between 18,000 and 21,000 barrels per day at Tucker. The Calgary, Alberta-based firm last month agreed to sell its retail fuels network and assets in Wembley, Alberta, in two separate deals worth about $660 million. read more ($1 = 1.2777 Canadian dollars)

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