Cenovus Confirms It’s in Talks on Sale of Royalty Lands

Cenovus Energy Inc. said it’s in talks with a potential purchaser on the sale of its royalty lands.

“The company confirms it is in discussions with a counterparty with respect to a potential sale of the assets,” the Calgary-based oil producer said in a statement Friday. It didn’t identify the potential buyer and said there was no guarantee a deal will be made.

Shares of Cenovus, which have fallen 10 percent this year amid the slump in crude prices, rallied Thursday after Reuters reported the company was in talks to sell the land to the Ontario Teachers’ Pension Plan.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE