Cenovus says will divest royalty lands when values right

Wed Apr 29, 2015 11:29am EDT
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CALGARY, Alberta, April 29 (Reuters) - Cenovus Energy Inc will sell or spin off its wholly-owned oil and gas lands when it believes market value for the properties meet its expectations, Chief executive Brian Ferguson said on Wednesday.

Speaking on a conference call to discuss its first-quarter earnings, Ferguson also said Cenovus, Canada's No.2 independent oil producer, does not want a variable dividend and current commodity prices are sufficient to cover both 2015 capital spending and its dividend payout. (Reporting by Scott Haggett)