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Phillips 66 to Buy Out Refining Joint Venture Partner for $1.4 Billion
Phillips 66 will pay $1.4 billion to acquire full ownership of two U.S. refineries with a combined capacity of 495,000 barrels per day to focus on refining.
- Cenovus Energy Inc. plans to sell half interests in two U.S. refineries to Phillips 66 for $1.9 billion.
- The deal will reduce Cenovus's refining business while enhancing its oilsands operations, as stated by Jon McKenzie.
- Cenovus aims to complete the transaction by the end of the third quarter, subject to closing conditions.
- Shares of Cenovus increased by about 2.6 percent, reaching $22.70 on the Toronto Stock Exchange.
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Cenovus Energy Sells WRB Stake to Phillips 66 in $1.4B Exit - USA Herald
Cenovus Energy has struck a deal to sell its 50% stake in WRB Refining LP to Phillips 66 for $1.4 billion, marking the end of a long-standing joint venture that anchored the Canadian company’s downstream strategy for nearly two decades. The sale, announced Tuesday, hands full control of the Wood River refinery in Illinois and Cenovus Energy Sells WRB Stake to Phillips 66 for $1.4B, reshaping refining strategy and shareholder returns.
Coverage Details
Total News Sources19
Leaning Left11Leaning Right0Center3Last UpdatedBias Distribution79% Left
Bias Distribution
- 79% of the sources lean Left
79% Left
L 79%
C 21%
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