November 13, 2017 / 9:55 PM / a year ago

Canada's Cenovus to sell Weyburn asset to Whitecap for $739 mln

CALGARY, Alberta, Nov 13 (Reuters) - Canada’s Cenovus Energy Inc has reached an agreement to sell its Weyburn oil facility for C$940 million ($738.53 million) to Whitecap Resources Inc, Cenovus said on Monday, completing its main divesture plans.

Cenovus has been selling assets to pay down debt used to fund its C$16.8 billion acquisition of some ConocoPhillips assets this year. The Weyburn sale would bring Cenovus’ asset sale proceeds to about C$4 billion compared with its target of C$4 billion to C$5 billion in asset sales.

$1 = 1.2728 Canadian dollars Reporting by Ethan Lou

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