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Cenovus Sells Stake In Oil Recovery Operation For $738M

Law360, New York (November 14, 2017, 7:17 PM EST) -- Canadian integrated oil company Cenovus Energy Inc. said Monday it is selling its majority stake in a Weyburn-carbon-dioxide enhanced oil recovery operation to Whitecap Resources Inc. for CA$940 million (US$738 million), the fourth deal of its kind that Cenovus has inked since September.

Cenovus said the deal is expected to close in the fourth quarter of the year. The company added that it will use the sale proceeds, along with those from a number of other asset sales, to shrink its net debt to earnings ratio....
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