Cenovus Energy To Sell Palliser Assets For Proceeds Of C$1.3 Bln - Quick Facts

(RTTNews) - Cenovus Energy Inc. (CVE.TO, CVE) announced an agreement to sell its Palliser crude oil and natural gas assets in southeastern Alberta to Torxen Energy and Schlumberger for cash proceeds of C$1.3 billion. The company said the proceeds from the Palliser sale will be used to deleverage its balance sheet.

"Our strategy to optimize our portfolio by selling non-core assets and using the proceeds to pay down debt is firmly on track. We continue to target between C$4 billion and C$5 billion in announced asset sale agreements by the end of the year, and we remain committed to returning to our long-term debt ratio target," said Brian Ferguson, CEO.