Overview

• The agreement, announced Sept. 9, transfers Cenovus’s interest in WRB Refining LP to Phillips 66, which has operated the assets since 2007.
• The sale covers the Wood River, Illinois, and Borger, Texas, refineries with a combined crude capacity of 495,000 barrels per day.
• Closing is targeted around the end of the third quarter of 2025, subject to customary conditions.
• Phillips 66 projects about $50 million in annual savings from full ownership, citing operational simplification.
• After divesting WRB, Cenovus’s downstream network will total 472,800 bpd with roughly 55% heavy‑oil throughput across Lloydminster, Lima, Toledo and Superior, and it reported 18.8 million shares repurchased for $388 million through August.