Cenovus selling stake in WRB Refining to joint venture partner Phillips 66 for $1.9B

Cenovus Energy logos are on display at the Global Energy Show in Calgary, Alta., Tuesday, June 7, 2022.THE CANADIAN PRESS/Jeff McIntosh

CALGARY — Cenovus Energy Inc. has signed a deal to sell its 50 per cent stake in WRB Refining LP to its joint venture partner Phillips 66 for about $1.9 billion.

The WRB joint venture includes the Wood River Refinery in Illinois and the Borger Refinery in Texas.

The operations have combined crude throughput capacity of 495,000 barrels per day or 247,500 barrels per day net to Cenovus.

Once the deal is complete, Cenovus says its downstream business will have total crude throughput capacity of 472,800 barrels per day.

The company says proceeds from the sale will be used to reduce debt and for share repurchases.

The deal is expected to close around the end of the third quarter, subject to customary closing conditions.

This report by The Canadian Press was first published Sept. 9, 2025.