Husky and Cenovus Combine to Create a Resilient Integrated Energy Leader

The transaction has been unanimously approved by the Boards of Directors of Husky and Cenovus and is expected to close in the first quarter of 2021, subject to shareholder and regulatory approvals. Learn more.

Transaction Highlights

  • Accretive to all shareholders on cash flow and free funds flow per share
  • Anticipated annual run rate synergies of $1.2 billion, largely achieved within the first year, independent of commodity prices
  • Expected free funds flow break-even at West Texas Intermediate (WTI) pricing of US$36 per barrel (bbl) in 2021, and at less than WTI US$33/bbl by 2023
  • Low exposure to Western Canadian Select (WCS) locational differential risk while maintaining healthy exposure to global commodity prices
  • Increased and more stable cash flows support investment grade credit profile
  • Net-debt-to-adjusted-EBITDA ratio of less than 2x expected to be achieved in 2022
  • Anticipated quarterly dividend of $0.0175 per share (upon Board approval) and positioned for consistent growth
  • Husky shareholders will receive 0.7845 of a Cenovus share plus 0.0651 of a Cenovus share purchase warrant in exchange for each Husky common share

Advisories
This page contains non-GAAP measures and forward-looking information that is subject to risks and assumptions. For more information, please refer to the advisories in the news release dated October 25, 2020.

Learn more: Fact Sheet (PDF)

Updates

December 15, 2020
Special Meeting of Shareholders

November 20, 2020
Leadership Team Announcement

November 16, 2020
Information Circular

October 25, 2020
Transaction Announcement

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