CALGARY -- Cenovus Energy Inc. is selling its Pelican Lake heavy oil operations in northern Alberta for $975 million cash to Canadian Natural Resources.
The two Calgary-based companies announced the transaction separately early Tuesday.
Cenovus says it will apply proceeds from the sale towards money borrowed when it acquired most of the Alberta assets of ConocoPhillips earlier this year.
It expects the divestiture of the Pelican Lake operation and other assets to close by the end of September.
Bagikan Berita Ini
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