This math doesn't make sense to mehttps://www.wtol.com/article/money/business/bp-sells-remaining-50-stake-toledo-refinery-to-cenovus/512-b099f0d5-8797-4430-b4a9-f7a776eada5e
CVE is buying the 50% share of the BP refinery in Oregon that it doesn't already own for $300 million.
The refinery has a capacity of 160,000 bpd which means CVE is buying 80,000 bpd for $300 million.
That means the capacity is being purchased for about $3,750 per barrel.
I'm way outta my comfort zone here but the purchase price seems incredibly low based upon the current refinery rates.
I hope that one of our industry experts here can shed some light on this.