Bullboard - Stock Discussion Forum Cenovus Energy Inc T.CVE.WT

Primary Symbol: T.CVE Alternate Symbol(s): CVE | T.CVE.PR.A | T.CVE.PR.B | T.CVE.PR.C | T.CVE.PR.E | T.CVE.PR.G | CNVEF | CVE.WS

Energy Oil & Gas Integrated

Cenovus Energy Inc. is a Canada-based integrated energy company. The Company has oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The Company's segments include Upstream, Downstream, and Corporate and Eliminations. Its Upstream segment includes Oil Sands, Conventional, and Offshore.... see more

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TSX:CVE - Post Discussion

Cenovus Energy Inc > RBC

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Post by retiredcf on Mar 01, 2023 9:55am

RBC

February 28, 2023

Cenovus Energy Inc.
Closes Acquisition of Toledo Refinery

TSX: CVE | CAD 25.16 | Outperform | Price Target CAD 32.00

Sentiment: Neutral

Cenovus announced today that it has closed on the transaction to purchase BP’s 50% interest in the Toledo Refinery in Ohio. Cenovus now retains 100% working interest and has assumed operatorship.

Key Points:

• Total consideration of the sale is approximately US$370 million after closing adjustments and including working capital.
• Cenovus and BP will enter into a multi-year product supply agreement.
• The Toledo Refinery possesses 160,000 bbl/d of throughput capacity, including 90,000 bbl/d of heavy oil processing capacity.
• Cenovus expects Toledo to ramp up to full rates by the mid-second quarter following its closure in September 2022 due to a fire. • For the latest on Cenovus, please see Downstream Execution Key.