CVE mulling buying out BP at Toledo Refinery. Courtesy of loonietunes: Stockwatch Energy Today.
"Other producers that availed themselves of RBC's "field trip" conference were oil sands producer Cenovus Energy Inc. (CVE), up 44 cents to $21.23 on 10.5 million shares, and the Saskatchewan- and Texas-focused Baytex Energy Corp. (BTE), up 20 cents to $5.84 on 8.07 million shares. Neither sent its most senior executives. Both used the opportunity to zero in on specific topics.
Cenovus sent its executive vice-president of the downstream division, Keith Chiasson, who naturally focused on downstream operations. He said the company is aiming to restart its Superior refinery in Wisconsin late this year or early next. (Superior suffered a fiery explosion in 2018 and has been under reconstruction ever since.) Cenovus is also reportedly mulling buying out its joint venturer, BP, at the Toledo refinery in Ohio. Lastly, here in Canada, Cenovus is still working on a $420-million retail sale that it announced last year (involving gas stations to be bought by Parkland). The deal's projected closing date was mid-2022, but Mr. Chiasson said it will likely not close until later this quarter."
It would be nice to see them get a good deal out of BP. It looks like they are trying to divest of North American assets.
GLTA