Gulf Oil and Gas accountACCOUNT

Cenovus Reaches Agreement to Sell Pipestone Business for $625 Million

Source: www.gulfoilandgas.com 8/9/2018, Location: North America

Cenovus Energy Inc. and one of its subsidiaries have entered into an agreement to sell the general partnership that holds the Pipestone and Wembley natural gas and liquids business in northwestern Alberta for cash proceeds of $625 million. The transaction also includes the Pipestone Business’s 39% operated working interest in the Wembley gas plant. The sale is expected to close in the third quarter of 2018, subject to customary closing conditions.

“I’m pleased with this important step towards streamlining and rationalizing our acreage in the Deep Basin,” said Alex Pourbaix, President & Chief Executive Officer. “These are high quality assets and we believe the Pipestone transaction will provide compelling value for Cenovus shareholders.”

As with previous divestitures, proceeds from this sale will be used to further deleverage the company’s balance sheet.

Cenovus is in various stages of evaluating and marketing other non-core Deep Basin assets for potential divestment. The company is encouraged by the high level of interest it has seen in these processes but remains resolute that all asset dispositions are contingent upon receiving fair value for the company’s shareholders.

TD Securities Inc. acted as exclusive financial advisor to Cenovus on this transaction.

Acquisitions and Divestitures News in Canada >>

Gambia >>  9/19/2020 - PetroNor, the independent oil and gas exploration and production company with a focus on production, development and exploration assets across sub-Sah...
Brazil >>  9/17/2020 - Petrobras, informs that it has started the opportunity disclosure stage (teaser), referring to the sale of all its shares in the company Araucária Nit...

United Kingdom >>  9/16/2020 - IGas Energy has entered into a share purchase agreement ('SPA') to acquire GT Energy UK, a developer of deep geothermal heat projects onshore in the U...
Australia >>  9/15/2020 - Further to the previous announcement of 15 June 2020, Armour Energy has advised that agreement has been reached with Oilex to defer the date for the s...

Colombia >>  9/15/2020 - Petrobras, following up on the releases disclosed on 07/27/2020 and 08/11/2020, informs the beginning of the binding phase regarding the sale of its e...
Australia >>  9/14/2020 - - Definitive documentation for farmout to Talon Petroleum executed.

- Walyering appraisal well to be added to CY21 Perth Basin drilling pro...


Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Canada Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.