On August 8, 2022, Cenovus Energy Inc. finalized a $386million (US$300)-million transaction to purchase the remaining 50% stake in the BP-Husky Toledo Refinery in Ohio from British energy titan BP. This move aligns with Cenovus's strategy to consolidate its heavy oil production with refining capabilities. The agreement follows Cenovus's acquisition of the initial 50% of the Toledo refinery in 2021 after merging with Husky Energy. In addition to the stake purchase, both firms inked a multi-year product supply contract. Upon the deal's completion, expected by year's end, Cenovus will assume operational control from BP, transitioning over 580 Toledo refinery staff to Cenovus's payroll. Keith Chiasson, Cenovus’s Executive Vice-President, Downstream, highlighted the refinery's strategic value, emphasizing its longstanding economic contributions to Ohio and nearby regions. The refinery boasts a processing capacity of 160,000 barrels of crude oil daily, supplying the U.S. Midwest with various essential energy products, including gasoline and diesel. Recently, a significant turnaround was completed at the Toledo Refinery, aiming to enhance its operational reliability. This initiative was jointly financed. Cenovus expressed that acquiring full ownership would present chances to augment its heavy oil value chain, harmonizing it with its primary assets.