One-Page Deal Sheet
Athabasca Oil Sells Midstream Assets to Enbridge for $265MM
Enbridge Inc. Athabasca Oil Corp
Announced Date
December 11,2018
Transaction Type
Asset
Location
Region
Canada
Country
Canada
Transaction Details: Subscribe to see
Athabasca Oil Corp. has agreed to sell its Leismer pipelines and Cheecham storage terminal assets to Enbridge Inc. for $265 million.
The Leismer and Corner assets each have regulatory approval for 40,000 bbl/d and a reserve life in excess of 80 years.
Transaction proceeds are approximately 50% of Athabasca’s market capitalization. Leismer’s cost structure will remain competitive with other top tier oil sands projects with a US$43 WTI operating break-even price (assuming a US$18 WCS differential). Future use of proceeds may include debt reduction, growth initiatives or share buybacks.
The tra…
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