When you linking your Twitter Account Market Wire News Trending Stocks news and your Portfolio Stocks News will automatically tweet from your Twitter account.
Be alerted of any news about your stocks and see what other stocks are trending.
Cenovus reached an agreement to buy fellow Canadian oil sands producer Husky Energy.
With the transaction, Cenovus doubles-down on oil sands production (bad) while achieving additional refining and pipeline exit capacity (good).
The problem is that the pandemic has put North America refining into a state of depression, especially for distillate refining due to jet-fuel demand destruction.
While the longer-term outlook for this combination makes strategic sense, there is no need for investors to rush into this duo.