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Cenovus prepays refining partnership contribution payable


Published Apr 3, 2014
Cenovus Energy Inc.-2

Cenovus Energy Inc. has prepaid its US$2.7 billion partnership contribution payable to WRB Refining LP of which Cenovus is a 50% owner. This resulted in a net cash payment of approximately US$1.35 billion from Cenovus.

With the creation of WRB Refining in 2007, Cenovus's U.S. partner, Phillips 66, contributed the Wood River and Borger refineries and Cenovus contributed a note payable of US$7.5 billion. The note had a 10-year amortization period that required quarterly payments of principal and interest and was due to expire in 2017.

Tags: Cenovus Energy Inc.




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