07:23 AM EDT, 09/09/2025 (MT Newswires) -- Cenovus Energy ( CVE ) said Tuesday that it has agreed to sell, indirectly through wholly-owned subsidiaries, its 50% interest in WRB Refining to its joint venture partner Phillips 66 (PSX) for $1.4 billion.

The transaction is expected to close around the end of Q3.

Proceeds from this transaction will be used to reduce the company's debt and for share repurchases, the company said.

The joint venture includes the Wood River Refinery in Illinois and the Borger Refinery in Texas, the company said.