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Deal Insight

Cenovus and Husky merge

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02 November 2020

Cenovus and Husky merge

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
    • Overview
    • Legacy Canada
    • Lloydminster Thermals
    • Atlantic Canada
    • Western Canada
    • Liwan
  • Deal analysis
    • Upsides
    • Risks
    • Husky strategic rationale
    • Cenovus strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 9 images and tables including:

  • Executive summary: Table 1
  • Cenovus and Husky assets
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Husky remaining value, by asset and resource theme
  • Upstream assets: Table 1

What's included

This report contains:

  • Document

    Cenovus and Husky merge

    PDF 906.25 KB