- Cenovus Energy (CVE -3.2%) has received bids from Canadian Natural Resources (CNQ +0.8%), ARC Financial and others for a heavy oil project in Pelican Lake, Alberta, that could be valued at as much as C$1B (US$796M), and is in advanced talks to sell another Alberta project which could fetch C$500M-C$600M, Reuters reports.
- CVE also has received strong inbound interest from TransCanada (TRP), Enbridge (ENB -0.1%), Pembina Pipeline (PBA -1.2%), Keyera (OTC:KEYUF) and Inter Pipeline (OTCPK:IPPLF) for buying all or parts of separate midstream assets in the Deep Basin, a region that straddles Alberta and British Columbia, although there is no formal sale process underway for the assets, according to the report.
- CVE has been seeking buyers for parts of its portfolio to pay off debt used to partially fund its C$16.8B purchase of some ConocoPhillips (NYSE:COP) assets in May.
- Now read: Inter Pipeline: 6.4% Yield From This Monthly Dividend Payer With 14 Years Of Rising Dividends
Original article