Wood River and BorgerIf Phillips becomes an even more motivated seller of their 50% ownership in these two refineries, then the price may become compelling. CVE would certainly like to operate these refineries, rather than have a brand new operating partner step in. On the other hand the extra debt would certainly slow the path to $4 Billon net debt and 100% shareholder return of excess cash. That uncertainty (and several delays to get there already) are hurting the share price. But at a certain price buying out Phillips and taking control of those two refineries becomes a massive opportunity. It is all about the price. Cenovus has non-core assets the could sell including the Asian gas operations (that have very good free cash flow) and everything off shore on east coast of Canada - none of which is really core though they offer growth potential and future profits. The off shore assets may not bring full price right now either, but the Asian natural gas operations should be easy to monetize at good price.