Deal Insight
Cenovus and Husky merge
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Cenovus is buying Husky in an all share merger. The deal values Husky's equity at Cad$3.2 billion, and will create a company with a combined enterprise value of Cad$23.6 billion. The combined company will have a production capacity of about 750 kb/d, upgrading and refining capacity of 620 kb/d, and will maintain intentions to reach net zero emissions by 2050. Though both companies are key players in Canada's oil sands and heavy oil space, this is not a story of overlapping lease interests. Husky provides an international portfolio in China and Indonesia as well as adding diversity in the resource themes contributing to production. And it would be wrong only to focus on Husky's upstream position - it is a truly integrated oil and gas company, with 375 kb/d of refining capacity.
Table of contents
- Executive summary
- Transaction details
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Upstream assets
- Overview
- Legacy Canada
- Lloydminster Thermals
- Atlantic Canada
- Western Canada
- Liwan
- Deal analysis
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Upsides and risks
- Upsides
- Risks
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Strategic rationale
- Husky strategic rationale
- Cenovus strategic rationale
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
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Executive summary: Table 1Cenovus and Husky assetsDeal analysis: Table 1
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Deal analysis: Table 2Deal analysis: Table 3Oil & gas pricing and assumptions: Table 1Oil & gas pricing and assumptions: Table 2Husky remaining value, by asset and resource themeUpstream assets: Table 1
What's included
This report contains:
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