Canada's Cenovus Energy has reached an agreement to sell its Suffield oil and gas assets for $512m to International Petroleum Corp., its second deal this month as it pushes ahead with its debt reduction plan following the $16.8bn acquisition of oil sands assets from ConocoPhilips earlier this year. Cenovus is targeting $5bn from asset sales to pay down the debt $3.6bn of debt it took on to finance the Conoco deal. Analysts said the price tag for Suffield was within estimates, and that while the sale was positive for the company, other assets for sale may not be as attractive to buyers. The company said in a statement that it expects to close the sale by mid-June. Analysts said the price tag for Suffield was within estimates, and that while the sale was positive for the company, other assets for sale may not be as attractive to buyers.
Canada's Cenovus Energy has reached an agreement to sell its Suffield oil and gas assets for $512m to International Petroleum Corp., its second deal this month as it pushes ahead with its debt reduction plan following the $16.8bn acquisition of oil sands assets from ConocoPhilips earlier this year. Cenovus is targeting $5bn from asset sales to pay down the debt $3.6bn of debt it took on to finance the Conoco deal. The company said in a statement that it expects to close the sale by mid-June. Analysts said the price tag for Suffield was within estimates, and that while the sale was positive for the company, other assets for sale may not be as attractive to buyers.