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Cenovus Energy Inc.'s strategic combination with Husky Energy Inc. has closed.
The deal was originally announced on October 25, 2020.
With the close of the transaction, Husky has become a wholly owned subsidiary of Cenovus. The combination creates Canada's third largest crude oil and natural gas producer, based on total company production, with about 750,000 barrels of oil equivalent per day (BOE/d).
Alex Pourbaix, Cenovus President & Chief Executive Officer, said: "This is an exciting day for Cenovus as we become a leaner, stronger, more fully integrated oil and natural gas company that is exceptionally well-positioned to weather the current environment and be an energy leader in the years ahead. With the closing of this transaction, we will focus on safely and efficiently integrating the assets and teams of these two great companies while working to realize the $1.2 billion in synergies we've identified. These cost and capital efficiencies, combined with our strong portfolio of well-matched upstream production, midstream and downstream assets as well as improved financial strength, are expected to generate strong value for our shareholders."
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