Cenovus Energy (CVE) to Sell 50% Interest in WRB Refining LP

Group 1 - Cenovus Energy Inc. announced the sale of a 50% interest in WRB Refining LP to Phillips 66 for $1.4 billion, which aligns with the company's strategy to focus on core assets [1][2] - The deal includes the Wood River Refinery in Illinois and the Borger Refinery in Texas, processing a total of approximately 495,000 barrels per day, with Cenovus's share being 247,500 barrels per day [2] - Post-sale, Cenovus's downstream operations will consist of five refineries and an upgrader, with a total crude capacity of 472,800 barrels per day [2] Group 2 - Analysts from Raymond James and Jefferies maintained a Buy rating on Cenovus Energy Inc. after the announcement, with price targets of C$30 and C$29 respectively [3] - Cenovus Energy Inc. is an integrated oil and natural gas company based in Canada, producing crude oil and natural gas in Canada and the Asia Pacific region [3]