Cenovus sells royalty business for $3.3 billion
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S&P Raises Outlook on Cenovus Energy (CVE) to Stable; Sees Sale Proceeds Funding Cash Flow Shortfall
June 30, 2015 4:28 PM EDTStandard & Poor's Ratings Services said it revised its outlook on Cenovus Energy (NYSE: CVE) to stable from negative. At the same time, Standard & Poor's affirmed its ratings on Cenovus, including its 'BBB+' long-term corporate credit rating on the company.
"The outlook revision reflects our view that Cenovus' expected forecasted cash flow shortfall for the next 24 months would be funded by proceeds from the asset sale," said Standard & Poor's credit analyst Aniki Saha-Yannopoulos. "At the same time, the transaction has materially improved net-debt cash flow leverage metrics," Ms. Saha-Yannopoulos added.
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Cenovus Energy (CVE) to Sell Heritage Royalty LP in $3.3B Deal
June 30, 2015 6:14 AM EDTCenovus Energy (NYSE: CVE) has reached an agreement to sell Heritage Royalty Limited Partnership (HRP), a wholly-owned subsidiary, to Ontario Teachers' Pension Plan (Teachers') for gross cash proceeds of approximately $3.3 billion. HRP holds approximately 4.8 million gross acres of royalty interest and mineral fee title lands in Alberta, Saskatchewan and Manitoba. In the first quarter of 2015, HRP had associated third-party royalty interest volumes of approximately 7,800 barrels of oil equivalent per day (BOE/d). Additional royalties have also been added to HRP a royalty on Cenovus's working interest production with implied first quarter volumes of... More
