Cenovus Energy - President & CEO, Alex Pourbaix
President & CEO, Alex Pourbaix
Source: CBC News
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  • Cenovus Energy (CVE) has reached an agreement to sell its Tucker thermal asset for $800 million
  • Located in northeastern Alberta, Tucker’s expected 2022 average production is between 18,000 and 21,000 barrels per day
  • The company has generated almost $2 billion of total proceeds from asset sales announced in 2021
  • Proceeds from this transaction will be used to reduce the company’s net debt
  • Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region
  • Cenovus Energy Inc. (CVE) opened trading at C$15.06 per share

Calgary-based Cenovus Energy (CVE) has reached an agreement to sell its Tucker thermal asset for $800 million.

Including this transaction, the company expects to realize almost $2 billion of total proceeds from asset sales announced in 2021.

Proceeds from this transaction will be used to reduce net debt levels and accelerate shareholder returns.

“This is yet another example of Cenovus seizing opportunities to generate incremental value for shareholders,” said Alex Pourbaix, Cenovus’s President & Chief Executive Officer.

“With Tucker and the other divestitures announced this year, we have delivered on our asset sales commitment for 2021, positioning the company well to focus on higher-return opportunities in the portfolio and continue increasing returns to shareholders.”

Located in northeastern Alberta, Tucker’s expected 2022 average production is between 18,000 and 21,000 barrels per day. The transaction is expected to close in late January, subject to customary closing conditions.

Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region.

Cenovus Energy Inc. (CVE) opened trading at C$15.06 per share.

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