Husky Energy To Merge with Competitor, Cenovus Energy
CANADA — Husky Energy, which operates a refinery in Superior, announced on Sunday that it is merging with one of its rivals in the oil and natural gas market, Cenovus Energy.
The Husky name will be no more, as the company will begin operating under Cenovus Energy.
The deal is “all-stock transaction valued at $23.6 billion, inclusive of debt,” according to the news release on Husky’s website. The headquarters for the merged company will stay in Calgary, Alberta.
The boards of directors for Husky and Cenovus both unanimously approved the transaction. The companies anticipate that the deal will be finalized in the first few months of 2021.
The Husky Energy refinery in Superior has faced major setbacks in recent years. Back in April of 2018, the refinery suffered from an explosion that ignited fires on the site. The company shut down the site and started working to rebuild the facility, with plans to begin operations again in 2021.