Cenovus and Husky transaction
On October 25, Cenovus Energy and Husky Energy announced a transaction to create a new integrated Canadian oil and natural gas company that will be a resilient energy leader. The companies have entered into an agreement under which Cenovus and Husky will combine in an all-stock transaction valued at $23.6 billion, inclusive of debt.
The combined company will operate as Cenovus Energy and remain headquartered in Calgary, Alberta. The transaction has been unanimously approved by the Boards of Directors of Cenovus and Husky and is expected to close in the first quarter of 2021.
Please review the information on this page regularly to stay up to date on the transaction.
“We will be a leaner, stronger and more integrated company, exceptionally well-suited to weather the current environment and be a strong Canadian energy leader in the years ahead. The diverse portfolio will enable us to deliver stable cash flow through price cycles, while focusing capital on the highest-return assets and opportunities. The combined company will also have an efficient cost structure and ample liquidity. All of this supports strong credit metrics, accelerated deleveraging and an enhanced ability for return of capital to shareholders.”
Alex Pourbaix
President & Chief Executive Officer