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Cenovus Energy Stake in WRB Refining to JV Partner for $1.4 Billion

Provided by Dow Jones Sep 9, 2025, 11:25:00 AM

By Adriano Marchese

Cenovus Energy has sold its 50% interest in a U.S. refinery business to its joint venture partner Phillips 66 for $1.4 billion.

The Canadian energy company said it has reached an agreement to sell the stake in WRB Refining, which includes the Wood River Refinery in Illinois and the Borger Refinery in Texas.

Together, the refineries have a combined crude throughput capacity of 495,000 barrels a day, of which Cenovus has received 247,500 barrels.

After this divestiture, Cenovus' downstream business will be made up of the Lloydminster Upgrader, Lloydminster Refinery, Lima Refinery, Toledo Refinery and Superior Refinery, with a total crude throughput capacity 472,800 barrels a day.

The transaction is expected to close around the third quarter of this year.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

September 09, 2025 07:25 ET (11:25 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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