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Cenovus Energy shares fell more than 10 per cent on Tuesday after the oil company announced plans for more asset sales, deeper cost-cutting and the unexpected retirement of CEO Brian Ferguson.

Its stock fell as low as $9.11 or 11.4 per cent from Monday’s close and down about 48 per cent since it announced in late March a $17.7-billion blockbuster deal buy assets from ConocoPhillips.

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“It has been a trying time for our shareholders,” Ferguson said during a presentation to investors in Toronto.

As he has since the deal was announced, Ferguson defended it, saying Cenovus paid “a fair price for top-tier assets.” He said he is confident the company will be able to sell assets to pay down debt before the end of the year and will then further cut costs to generate free cash flow to be returned to shareholders.

Energy analyst Rob Cooper of Acumen Capital said investors are doubtful that Cenovus has the expertise to develop the Alberta and B.C. Deep Basin assets it has bought from ConocoPhillips, nor does he believe the company will get the price it wants in asset sales given current low oil prices.