Canadian oil producer Cenovus Energy Inc. is considering selling up to $5 billion of stock, debt, or other securities in efforts to further strengthen the company’s balance sheet, according to Reuters.
Following announcements that the company plans to cut its 2016 budget and lay off additional employees, Cenovus also filed with the US Securities and Exchange Commission for a mixed-shelf offering in which it may sell securities in one or more separate offerings without filing a prospectus for each one. The company’s SEC filing does not necessarily mean that the securities will be sold immediately, if at all.
Cenovus is focused on developing its oil sands assets in northern Alberta, Canada. The company has also established conventional natural gas and oil production in Alberta and Saskatchewan, and has 50% ownership in two US refineries. Cenovus shares trade on the Toronto and New York stock exchanges under the symbol CVE. The company is based in Calgary, Alberta, and has approximately 4,000 employees across its operations.