Cenovus Energy announced it will sell its 50% stake in WRB Refining LP to joint venture partner Phillips 66 for $1.4 billion USD (about $1.9 billion CAD). The sale includes Cenovus’s interest in the Wood River Refinery in Illinois and the Borger Refinery in Texas, which together process nearly 495,000 barrels of crude per day.

Following the deal, Cenovus’s downstream business will center on refineries it fully controls, with a total capacity of about 473,000 barrels per day, 55% of which is heavy oil. CEO Jon McKenzie said the move sharpens Cenovus’s focus on core assets while generating funds to reduce debt and boost share buybacks.

The transaction is expected to close by the end of the third quarter of 2025, subject to regulatory and customary conditions.