Husky, Cenovus merger deal closes

Christina Lake operations Image: Cenovus Energy Inc.

Cenovus Energy Inc.’s buyout of Husky Energy Inc. officially closed on New Year’s Day creating Canada’s third largest energy producer.

The combined company is to continue to operate as Cenovus, with its headquarters in Calgary.

The transaction was completed through a definitive arrangement agreement announced on October 25, 2020 where Cenovus and Husky agreed to combine in an all-stock transaction.

The combination creates Canada’s third-largest crude oil and natural gas producer, based on total company production, with about 750,000 barrels of oil equivalent per day of low-cost oil and natural gas production.

Cenovus is also now the second-largest Canadian-based refiner and upgrader, with total North American upgrading and refining capacity of approximately 660,000 barrels per day (bbls/day).

In addition, the company has access to about 265,000 bbls/day of current takeaway capacity from Alberta on existing major pipelines, 305,000 bbls/day of committed capacity on planned pipelines and 16 million barrels of crude oil storage capacity as well as strategic crude-by-rail assets that provide takeaway optionality.

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