Cenovus Energy Inc. completes US$1.4B sale of interest in WRB Refining to Phillips 66
On September 30, 2025, Cenovus Energy Inc. ("Cenovus") announced an agreement to sell its 50% interest in WRB Refining LP ("WRB") to joint venture partner Phillips 66 for US$1.4 billion (approximately C$1.9 billion), subject to customary closing conditions.
The transaction aligns with Cenovus’s strategy to own and operate assets core to its business, refocusing its downstream operations on assets it controls that provide integration and egress for its leading upstream heavy oil business. The WRB joint venture includes the Wood River Refinery in Illinois and the Borger Refinery in Texas, with a combined crude throughput of 495,000 barrels per day. After the divestiture, Cenovus’s downstream business will consist of the Lloydminster Upgrader and Refinery, Lima, Toledo and Superior refineries, with total capacity of 472,800 barrels per day, about 55% heavy oil.
Cenovus Energy is a Canadian integrated energy company focused on developing oil sands, conventional oil and natural gas assets, while prioritizing sustainability and innovation.
McCarthy Tétrault LLP acted as Canadian counsel to Cenovus with a team led by John Piasta that included Thomas McInerney, Ashley Wilson (Business), Brett Anderson, Matthew Kraemer, and Erica Hennessey (Tax).
