Athabasca Oil Corp divest midstream assets

Athabasca Oil Corp divest midstream assets

Athabasca Oil Corp announced the sale of its Leismer pipelines and Cheecham storage terminal to Enbridge for $265 million. The company has been promised priority service on the network and discounted tolls for any unused capacity.

Production at its Leismer and Hangingstone oil sands facilities is expected to average about 28,000 bbl/day next year. Athabasca says it supports the province's plan to cut output next year, viewing the curtailments as "a necessary step to rebalance inventories in the near term and provide a bridge to permanent market access initiatives."

The company also announced a 25% reduction in head office staff and 10% salary rollback for its directors and executives.

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