Canadian Natural Resources buying Cenovus oilsands operation

By The Canadian Press
September 5, 2017 - 8:19am

CALGARY- There's been a major sale in Alberta's oilsands involving two Calgary-based companies.

Canadian Natural Resources is buying Cenovus Energy's Pelican Lake heavy oil operations.

The price -- 975-million dollars cash -- with the deal expected to close by the end of this month.

 Cenovus will put the funds from the sale toward paying back some of the money it borrowed when it bought most of the Canadian assets of ConocoPhillips in a 17.7-billion-dollar deal announced in March.

(The Canadian Press)

 

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