On September 9, 2025, Cenovus Energy Inc. has agreed to sell its 50 percent interest in WRB Refining LP to joint venture partner Phillips 66 for US$1.4 billion, equivalent to approximately C$1.9 billion. The transaction, conducted through Cenovus’s wholly-owned subsidiaries, is subject to customary closing adjustments and is expected to close by the end of the third quarter of 2025. WRB Refining includes the Wood River Refinery in Illinois and the Borger Refinery in Texas, with a combined crude throughput capacity of 495,000 barrels per day, of which 247,500 barrels per day were net to Cenovus. Following the sale, Cenovus’s downstream portfolio will consist of the Lloydminster Upgrader, Lloydminster Refinery, Lima Refinery, Toledo Refinery, and Superior Refinery, with a total crude throughput capacity of 472,800 barrels per day, about 55% of which is heavy oil. Proceeds from the sale will be used to reduce net debt and accelerate shareholder returns, primarily through increased share repurchases. In the third quarter up to the end of August, Cenovus repurchased approximately 18.8 million common shares for $388 million at an average price of $20.59 per share.