The merged Cenovus Energy Inc. will remain headquartered in Alberta. The deal would combine the companies into a new integrated oil and gas business with increased and more stable cash flows, the statement said.
The deal is the latest sign of consolidation in an energy sector that has been battered by the twin crises of the COVID-19-related economic slowdown and low crude oil prices. News of the Cenovus-Husky deal follows a Friday announcement from Alberta's government that the province would end its oil curtailment quotas, a temporary measure intended to support oil prices. Spokespeople for both companies said Friday they welcomed the move. Indeed, Cenovus had already been producing above its curtailment levels with credits purchased from other companies.
For how long; five minutes? We've heard these promises before.
And oil companies suffering? What total bullshit. Why is sleazy weasel handing them billions of dollars?
What about the South China Sea property ?
Is Cenovus merging with a company that is 70% owned by a Chinese company? In an “all stock” deal what portion of Cenovus will be in the hands of Chinese investors?