My guess is Cenovus will spin off US downstream assets, work is already under way to make US refineries independent of Canadian crude. Accountant McKenzie will announce that this is done to maximize shareholders value, brace to massive layoffs in calgary and corporate workforce will be back to what it was when before husky acquisition when Cenovus owned FCCL and Conventional assets.
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No, Jon is doubling down on downstream. There is no way to spin them off. The difference between bid/ask would be massive. Superior alone cost close to $2Billion and a refinery that size can be bought for $200M. So no chance of spinoff and the amount of people being hired in states and the plans to layoff people in Canada makes no sense. US staff is more expensive due to exchange rate. The new downstream leadership is from BP, the worst of the worst Supermjor. They are even copying their motto: Safe, Reliable, Compliant. lol.
Why do they keep adding new people and continue to build a presence in Dublin, OH? Seems like a lot of unneeded expense. Just use the Lima and Toledo offices you already have….