CALGARY — Canadian oil producer Cenovus Energy is said to be considering selling some of its Alberta assets estimated to be worth around $3 billion.Two sources familiar with the matter told Reuters the Calgary-based company is weighing options for some of its conventional oil and gas assets in the Deep Basin of Alberta as it looks to cut debt after the recent $8.5-billion takeover of rival MEG Energy.Cenovus’s net debt rose to $10.7 billion after the takeover, as it assumed $800 million of MEG’s debt and also took out a $2.7 billion loan to fund the acquisition, according to Morningstar DBRS estimates.The Deep Basin is a conventional, natural gas-heavy formation that straddles Alberta and British Columbia, northeast of the Rocky Mountain belt.Currently, production from the Deep Basin averages 125,000 barrels of oil equivalent per day.In addition to the Deep Basin, Cenovus’ conventional assets include holdings in the Montney and Rainbow Lake regions of Canada.Cenovus recently said that it expects to invest up to $3.6 billion of capital in its Alberta oil sands business this year, up from $2.8 billion allocated in 2025..Meanwhile, the conventional business, which includes the Deep Basin assets, was allocated up to $500 million of capital for 2026, up from as much as $400 million last year.Sources say the company has been reaching out to potential buyers in recent weeks to gauge interest in the assets and said that plans are still in the early stages, with Cenovus holding the option of retaining the assets.The Western Standard reached out to Cenovus for comment.
