trending Market Intelligence /marketintelligence/en/news-insights/trending/yTkdtroDo1jkiXfeUs30Kw2 content esgSubNav
In This List

Athabasca Oil closes C$265M sale of oil sands infrastructure assets to Enbridge

Blog

Insight Weekly: Unease roils markets; US likely to slip into recession; firms' cash ratios fall

Blog

Insight Weekly: Bank boards lag on gender parity; future of office in doubt; US LNG exports leap

Blog

Insight Weekly: Job growth faces hurdles; shale firms sit on cash pile; Africa's lithium future

Blog

Insight Weekly: Loan growth picks up; US-China PE deals fall; France faces winter energy crunch


Athabasca Oil closes C$265M sale of oil sands infrastructure assets to Enbridge

Athabasca Oil Corp. closed the sale of its Leismer oil sands infrastructure assets to an Enbridge Inc. subsidiary for C$265 million in cash.

Athabasca Oil in December 2018 agreed to sell its Leismer pipelines and Cheecham storage terminal to Enbridge Pipelines (Athabasca) Inc. The deal also includes an upgrade of Athabasca Oil's credit terms with Enbridge across the thermal oil business, in which the companies have a partnership.

The deal proceeds are equivalent to about 50% of Athabasca Oil's market capitalization and are expected to boost the company's liquidity and reduce net debt, according to a Jan. 15 news release.

Athabasca Oil develops thermal oil and light oil assets, with operations focused in Alberta's Western Canadian Sedimentary Basin. Calgary, Alberta-based Enbridge operates crude oil, liquids and natural gas pipelines, among other energy infrastructure businesses.