On June 13, 2022, Cenovus Energy Inc. acquired the remaining 50% stake in the Sunrise oil sands project in Alberta from bp. The deal was valued at $600 million in cash, plus a contingent payment up to another $600 million over two years, and included Cenovus’s 35% interest in the undeveloped Bay du Nord project in Newfoundland and Labrador. This transaction, effective from May 1, 2022, is expected to close in the third quarter of the year, pending customary conditions and adjustments. Full control of Sunrise is anticipated to strengthen Cenovus's oil sands operations. The company has been managing the project since the start of 2021 and plans to enhance production, reduce capital and operational expenses, and lower emissions intensity by implementing its operating strategies. Sunrise, currently co-owned with bp through the Sunrise Oil Sands Partnership, has an output of about 50,000 barrels per day. Cenovus aims to reach the project's full capacity of 60,000 barrels daily via a phased development plan. The acquisition promises immediate benefits to Cenovus's adjusted funds flow and operational cash flow.