Strategic combination plan receives all key regulatory approvals
December 21 2020 - 7:30AM
Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) and Husky Energy Inc.
(TSX: HSE) are pleased to announce they have obtained all of the
key regulatory approvals required in connection with the previously
announced combination of Cenovus and Husky pursuant to a plan of
arrangement under the Business Corporations Act (Alberta).
Subject to the satisfaction of customary closing conditions, the
transaction is anticipated to formally close on January 1, 2021.
Upon completion of the transaction, the combined company will
continue to operate as Cenovus Energy Inc. and remain headquartered
in Calgary, Alberta.
AdvisoryThis news release contains certain
forward-looking statements and forward-looking information
(collectively referred to as “forward-looking information”) within
the meaning of applicable securities legislation, including the
United States Private Securities Litigation Reform Act of 1995,
about our current expectations, estimates and projections about the
future, based on certain assumptions made by Cenovus and Husky in
light of their experience and perception of historical trends.
Although Cenovus and Husky believe that the expectations
represented by such forward-looking information are reasonable,
there can be no assurance that such expectations will prove to be
correct. Forward-looking information in this news release is
identified by words such as “anticipated”, “will” or similar
expressions and includes suggestions of future outcomes, including
statements about the anticipated timing of closing of the
transaction.
Readers are cautioned not to place undue reliance on
forward-looking information as Cenovus's actual results may differ
materially from those expressed or implied. Cenovus and Husky
undertake no obligation to update or revise any forward-looking
information except as required by law. Developing forward-looking
information involves reliance on a number of assumptions and
consideration of certain risks and uncertainties, some of which are
specific to Cenovus and/or Husky and others that apply to the
industry generally. Material factors or assumptions on which the
forward-looking information in this news release is based include
successful closing of the transaction within expected
timelines.
Additional information about assumptions, risk factors and
uncertainties on which the forward-looking information is based and
that could cause Cenovus's actual results to differ materially from
any estimates or projections of future performance or results
expressed or implied by such forward-looking statements are
described in Cenovus's 2020 guidance (dated April 1, 2020),
Cenovus’s Management’s Discussion and Analysis (MD&A) for the
year ended December 31, 2019 and its MD&A for the period ended
September 30, 2020 as well as its Annual Information Form (AIF) and
Form 40-F for the period ended December 31, 2019 (each available at
cenovus.com).
Husky’s Annual Information Form for the year ended December 31,
2019, MD&A for the three and nine months ended September 30,
2020 and other documents filed with securities regulatory
authorities (accessible through the SEDAR website at sedar.com and
the EDGAR website at sec.gov) describe some of the risks, material
assumptions and other factors that could influence actual results
in respect of Husky and are incorporated herein by reference.
About CenovusCenovus Energy Inc. is a Canadian
integrated oil and natural gas company. It is committed to
maximizing value by sustainably developing its assets in a safe,
innovative and cost-efficient manner, integrating environmental,
social and governance considerations into its business plans.
Operations include oil sands projects in northern Alberta, which
use specialized methods to drill and pump the oil to the surface
using a technique called steam-assisted gravity drainage (SAGD).
The company also has conventional crude oil, natural gas and
natural gas liquids assets in Alberta and British Columbia as well
as 50% ownership in two U.S. refineries. Cenovus shares trade under
the symbol CVE and are listed on the Toronto and New York stock
exchanges. For more information, visit cenovus.com.
Find Cenovus on Facebook, Twitter, LinkedIn, YouTube and
Instagram.
About HuskyHusky Energy Inc. is a
Canadian-based integrated energy company. It is headquartered in
Calgary, Alberta, and its common shares are publicly traded on the
Toronto Stock Exchange under the symbol HSE. The Company operates
in Canada, the United States and the Asia Pacific region with two
business segments. The Integrated Corridor includes bitumen from
thermal projects in the Lloydminster area of Saskatchewan, along
with the Tucker Thermal Project and the Sunrise Energy Project in
Alberta, with production integrated into Husky’s downstream
operations, which includes upgrading, refining and marketing of
refined petroleum products. The Offshore business includes crude
oil production offshore Newfoundland and Labrador and natural gas
and liquids production offshore China and Indonesia. For more
information, visit huskyenergy.com.
Find Husky on Facebook, Twitter, LinkedIn and Instagram.
Cenovus Contacts |
Investor Relations Sherry Wendt, Director, Investor Relations
403-766-7711 |
Media Relations Brett Harris, Manager,
Communications403-766-3420 |
Husky Contacts |
Investor Relations Leo Villegas, Director, Investor Relations
403-513-7817 |
Media RelationsKim Guttormson, Manager, Communication Services
403-298-7088 |
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