Cenovus agrees with BP to fully take over the 160 kb/d Toledo refinery (US)

Cenovus Energy, a Canadian integrated oil and gas company, has reached an agreement with BP to purchase the remaining 50% stake it does not already own in the 160,000 bbl/d BP-Husky Toledo refinery located near the city of Toledo (Ohio, United States) for US$300m in cash, in a deal that is expected to close by the end of 2022. The transaction will give Cenovus an additional 80,000 bbl/d of downstream throughput capacity, including 45,000 bbl/d of heavy oil refining capacity. In 2008, Canada’s Husky Energy Inc acquired a 50% stake in the Toledo refinery, owned by BP, forming a joint venture. The stake then moved to Cenovus when it merged with Husky in 2021.

This agreement comes as BP continues to reshape its North American oil and gas operations. In June 2022, Cenovus bought BP’s 50% interest in the Sunrise oil sands, for which it was already the operator. With the sale of its stake in the Toledo refinery, BP would only retain in the United States the Whiting refinery in Indiana (440,000 bbl/d) and the Cherry Point refinery in Washington state (250,000 bbl/d). In the US, Cenovus owns the Lima refinery in Ohio (185,000 bb/d) and the Superior refinery in Wisconsin (50,000 bbl/d) as well as a 50% stake in the Wood River refinery in Illinois (367,500 bbl/d) and the Borger refinery in Texas (157,000 bbl/d) through WRB Refining, a 50/50 joint venture with Phillips 66.