With the Palliser sale, Cenovus has announced about $2.8 billion in divestitures to help pay off a $3.6-billion bridge loan used to purchase ConocoPhillips’ Canadian operations in March. Calgary-based Cenovus is targeting $4 billion to $5 billion in divestitures this year, and is still marketing its Weyburn operation in Saskatchewan. Cenovus Energy Inc. agreed to sell its Palliser crude field to Schlumberger Ltd. and Torxen Energy for $1.3 billion, advancing efforts to pay down debt from its oilsands megadeal earlier this year. The cash deal is expected to close in the fourth quarter, according to a company statement released Thursday. Cenovus agreed last month to sell its Suffield operations in southern Alberta to International Petroleum Corp. for $512 million in cash.

Source: thestar October 19, 2017 18:22 UTC