|Bid||50.00 x 1900|
|Ask||50.01 x 5100|
|Day's Range||49.39 - 50.19|
|52 Week Range||39.00 - 53.17|
|PE Ratio (TTM)||-15.78|
|Dividend & Yield||1.06 (2.23%)|
|1y Target Est||N/A|
Canada's Cenovus Energy Inc has reached an agreement to sell its Suffield oil and gas assets for C$512 million ($416 million) to International Petroleum Corp, striking its second deal this month as it pushes ahead with its debt reduction plan. The Calgary, Alberta-based Cenovus said on Monday proceeds from the sale will be used to cut the C$3.6 billion in debt it took on to buy oil sands assets from ConocoPhillips this year. The benchmark Canada share index was flat..
Cenovus Energy Inc. is selling oil and gas assets in Southern Alberta to the Swedish-Canadian Lundin family’s commodities empire, the latest effort to pay the tab on its takeover of ConocoPhillips’ oil-sands operations. The sale of the Suffield operations to the Lundin Group’s International Petroleum Corp. will generate proceeds of C$512 million ($415 million) in cash, mostly meeting analysts’ projections and allaying investors’ concerns that it won’t be able to pay off the debt from its C$17.7 billion deal. The agreement also includes an adjustment that could give Cenovus an additional C$36 million in payments, the Calgary-based producer said Monday.
The Australian government on Monday warned that the country's east faced a worse-than-expected natural gas shortfall in 2018, but the competition watchdog said the gap could easily be filled by diverting uncontracted exports to the local market. It is now up to the government to decide by Nov. 1 whether to pull the trigger on its Australian Domestic Gas Security Mechanism, which allows it to curb liquefied natural gas (LNG) exports from the nation's east coast if it determines there will be a shortfall in any year. The supply gap identified by Australian Energy Market Operator of between 54 petajoules and 107 PJs is equivalent to about 4 percent to 9 percent of the natural gas projected to be used by the LNG plants.