Insight

Cenovus acquires bp's share of Toledo refinery at great value

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23 August 2022

Cenovus acquires bp's share of Toledo refinery at great value

Report summary

Cenovus announced earlier this month that they would acquire bp's share of their jointly owned Toledo refinery in a transaction that follows their acquisition of bp's share of the Sunrise Oil Sands in Alberta. Both transactions support Cenovus' and bp's long-term strategies: increase end-to-end integration and reduce low oil sand price exposure for Cenovus and focus on core cash generating assets and environmental goals for bp. In this insight we analyze the rationale behind this deal, evaluate how Toledo fit into bp with emission data from PetroPlan, evaluate how Toledo will fit into Cenovus' midwestern portfolio, and provide a valuation model showing Cenovus possibly acquired Toledo at great value.

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    Cenovus Toledo Insight.pdf

    PDF 709.52 KB

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    Cenovus acquires bp's share of Toledo refinery at great value

    PDF 710.75 KB