Cenovus eyes Deep Basin sales as Q4 profit jumps [Business News Network (BNN) Energy & Resources (Canada)]
Cenovus Energy Inc (CVE)
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Source: Business News Network
Cenovus eyes Deep Basin sales as Q4 profit jumps Canadian oil and gas producer Cenovus Energy Inc ( CVE.TO ) is looking to sell assets in Western Canada's Deep Basin, but will not part with its refinery business as it works to reduce debt, its chief executive said on Thursday. The Calgary-based company's new chief executive, Alex Pourbaix, has been cutting jobs and lowering operating expenses, following a purchase last year of ConocoPhillips' Canadian assets that was unpopular with shareholders. "We simply have more (Deep Basin) opportunities than we can capitalize within any reasonable time frame," Pourbaix said on a quarterly post-earnings conference call with analysts, declining to quantify the assets up for sale. The Deep Basin straddles the provinces of Alberta and British Columbia. Cenovus also owns 50 per cent stakes in two U.S. refineries, as part of a joint venture with Phillips 66 ( PSX.N ). In the long run, the company would like to expand that business, and is not looking
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