Cenovus to Sell Royalty Business for $2.7 Billion

30 Jun 2015 | Author: | No comments yet »

Cenovus Energy Sells Royalty Business for $2.7 Billion Cash.

Cenovus Energy Inc. agreed to sell a package of royalty lands to Ontario Teachers’ Pension Plan for about C$3.3 billion ($2.7 billion) in cash as Canada’s fourth-largest oil producer seeks funding sources after the drop in crude prices. Partnership unit holds about 4.8 million acres of royalty and mineral fee title lands in Alberta, Saskatchewan and Manitoba, Cenovus said Tuesday in a statement. These generate revenue from drilling by other companies. “The proceeds from this sale will strengthen our balance sheet and provide us with greater resilience during these uncertain times as well as the flexibility to invest in organic projects with strong returns,” Cenovus Chief Executive Officer Brian Ferguson said in the statement.

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