Calgary-based Cenovus Energy Inc. said Tuesday that it would direct proceeds from its pending sale of Montney Shale assets to an undisclosed buyer toward accelerating corporate debt reduction and boosting returns to shareholders..

Cenovus Canada pumpjack

The Montney deal is one of two newly announced divestitures for Cenovus, which also agreed to sell 337 retail fuel sites to Western Canada fuel dealers Parkland Corp. and Federated Co-operatives Ltd. The transactions are worth a combined C$660 million ($528 million).

CEO Alex Pourbaix said the latest transactions would increase the value of total expected proceeds from 2021 asset sales to more than C$1.1 billion ($880 million). The firm also noted that it has reached an “interim net debt target” of C$10 billion ($8 billion).

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