Cenovus Energy to sell interest in WRB Refining to Phillips 66

About this update from Cenovus Energy Inc.

[{"type":"text","content":"Cenovus Energy to sell interest in WRB Refining to Phillips 66\n\n\n\n CALGARY, Alberta, Sept. 09, 2025 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced it has reached an agreement for the sale, indirectly through wholly-owned subsidiaries, of its 50% interest in WRB Refining LP (WRB) to its joint venture partner Phillips 66. The consideration will consist of US$1.4 billion in cash, or approximately C$1.9 billion, subject to customary closing adjustments.\n \n\n “This transaction aligns with our strategy of owning and operating the assets that are core to our business. After the sale of WRB, our downstream business will be more focused, comprised of assets we control, which provide physical integration and egress for our leading upstream heavy oil business,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “The proceeds from this transaction will allow us to accelerate shareholder returns over the near term.”\n \n\n The WRB joint venture includes the Wood River Refinery in Illinois and the Borger Refinery in Texas, which have combined crude throughput capacity of 495,000 barrels per day (bbls/d), or 247,500 bbls/d net to Cenovus. After divesting its interest in WRB, Cenovus’s downstream business will be comprised of the Lloydminster Upgrader, Lloydminster Refinery, Lima Refinery, Toledo Refinery and Superior Refinery. Total crude throughput capacity of the business will be 472,800 bbls/d with approximately 55% heavy oil throughput capacity.\n \n\n The transaction is expected to close around the end of the third quarter, subject to the satisfaction of customary closing conditions.\n \n\n\n Use of proceeds and shareholder returns update\n \n\n\n Proceeds from this transaction will be used to reduce the company’s net debt and to accelerate returns to shareholders in the form of increased share repurchases. In the third quarter, up to the end of August, the company purchased approximately 18.8 million of its common shares for $388 million, at an average price of approximately $20.59 per share.\n \n\n\n Advisory\n \n\n\n\n Forward‐looking Information\n \n\n This news release contains certain forward‐looking statements and forward‐looking information (collectively referred to as “forward‐looking information&#x2...

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