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    CVE   CA15135U1093

CENOVUS ENERGY INC.

(CVE)
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Delayed Toronto Stock Exchange  -  04:00 2022-09-30 pm EDT
21.22 CAD   -0.56%
09/29Cenovus Says To Help Advance Sustainable Energy Opportunities For First Nations
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09/29Cenovus to help advance sustainable energy opportunities for First Nations
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09/28BP's Fire-stricken US Oil Refinery Likely To Remain Closed For Months Following Layoffs
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Cenovus to Increase Downstream Capacity With Refinery-Stake Acquisition in Ohio

08/08/2022 | 08:32am EDT

By Adriano Marchese


Cenovus Energy Inc. said it will acquire BP PLC's 50% interest in the bp-Husky Toledo refinery in Ohio for $300 million, bringing the refinery under its full ownership.

The Canadian energy company said the full ownership of the refinery will provide it with an additional 80,000 barrels of oil per day of downstream throughput capacity, more than half of which will be of heavy oil refining capacity.

The acquisition brings Cenovus' total refining capacity to around 740,000 barrels a day.

Additionally, Cenovus said it expects to realize savings over the next few years as it optimizes its feedstock and refined product sales as well as through longer-term potential to connect the refinery with its existing U.S. refining network.

Cenovus has owned its 50% stake in the refinery since its combination with Husky Energy in 2021.

The transaction is expected to close before the end of this year.


Write to Adriano Marchese at adriano.marchese@wsj.com


(END) Dow Jones Newswires

08-08-22 0831ET

Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 0.24% 433.1 Delayed Quote.31.04%
CENOVUS ENERGY INC. -0.56% 21.22 Delayed Quote.37.59%
LONDON BRENT OIL -3.84% 85.29 Delayed Quote.14.15%
WTI -2.49% 79.673 Delayed Quote.8.35%
All news about CENOVUS ENERGY INC.
09/29Cenovus Says To Help Advance Sustainable Energy Opportunities For First Nations
MT
09/29Cenovus to help advance sustainable energy opportunities for First Nations
GL
09/28BP's Fire-stricken US Oil Refinery Likely To Remain Closed For Months Following Layoffs..
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09/28BP layoffs at Ohio refinery after fire indicate prolonged shutdown
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09/28BP lays off most contractors at Ohio refinery after explosion -sources
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09/28BP's Fire-Damaged Ohio Refinery May Stay Closed Until Early 2023
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09/27National Bank of Canada Says Cenovus Energy's Strong Performance Against WTI Starting T..
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09/21Oil Brief: NY Crude Up 2.35% at About US$85.90
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09/20Crew responds to fire at BP's Toledo Refinery, Ohio - local media
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Analyst Recommendations on CENOVUS ENERGY INC.
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Financials
Sales 2022 73 621 M 53 623 M 53 623 M
Net income 2022 9 009 M 6 562 M 6 562 M
Net Debt 2022 4 124 M 3 004 M 3 004 M
P/E ratio 2022 4,62x
Yield 2022 1,63%
Capitalization 40 978 M 29 846 M 29 846 M
EV / Sales 2022 0,61x
EV / Sales 2023 0,58x
Nbr of Employees 5 938
Free-Float 72,9%
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Mean consensus BUY
Number of Analysts 17
Last Close Price 21,22 CAD
Average target price 33,03 CAD
Spread / Average Target 55,7%
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Managers and Directors
Alexander J. Pourbaix President, CEO & Non-Independent Director
Jeffrey R. Hart Chief Financial Officer & Executive Vice President
Keith A. J. MacPhail Chairman
Drew Zieglgansberger Senior VP-Operations Shared Services
Jonathan M. McKenzie Chief Operating Officer & Executive Vice President
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