A rival Canadian oil and gas company has agreed to buy Calgary-based Husky Energy, the company that owns and operates Wisconsin's only oil refinery in Superior, in a $2.9 billion deal.
Calgary-based Cenovus Energy Inc. and Husky announced the deal to combine two of the largest companies in Canada's oil industry Sunday. The sector has been hit hard by the coronavirus pandemic. Husky reported around $1.5 billion in losses through the first six months of this year, as around 16 percent of Alberta's crude oil production remains offline.
Alex Pourbaix, the president and CEO of Cenovus, said in a news release the combination would create a "leaner, stronger" company that's able to weather challenges in the current market.
"Bringing our talented people and complementary assets together will enable us to deliver the full potential of this resilient new company," said Rob Peabody, Husky's CEO and president in the release.