barnyarddog
5 년 전
https://en.wikipedia.org/wiki/Cenovus_Energy
Traded as TSX: CVE
NYSE: CVE
S&P/TSX 60 component
ISIN CA15135U1093 Edit this on Wikidata
Industry Oil and Natural gas
Founded 2009
Headquarters Calgary, Alberta, Canada
Key people
Alex Pourbaix (CEO),
Patrick D. Daniel (Board Chair)
Products Oil, Natural gas
Revenue $17.3 billion CAD (2017)[1]
Number of employees
~3,500 (2016)
Website www.cenovus.com
https://www.cenovus.com/
OTCpicks1
5 년 전
$CVE Cenovus Energy posts Q2 miss on lower refining margins, production
Cenovus Energy (CVE -2.7%) slides after Q2 earnings missed expectations, as Alberta's mandated production cuts affected results and higher Canadian crude prices hurt refining margins.
CVE says Q2 total production fell 14.5% Y/Y to 443.3K boe/day, also affected by a planned turnaround at its Christina Lake oil sands project.
Q2 refining and marketing operating margin fell 45% to $198M, primarily because of higher Canadian crude prices from the production cuts as well as higher operating costs and unplanned maintenance at its refineries.
CVE says it continues to pursue a diversified transportation strategy to get its oil to markets where it can achieve the highest price, includes its plan to ramp up its rail capacity to 100K bbl/day in 2019, which remains on schedule.
eFinanceMarkets
7 년 전
$CVE Analysts cautious after Cenovus Energy's big Q2 beat, says asset sales key
Cenovus Energy (CVE -2.2%) shares are pulling back today from gains of as much as 11% yesterday following a big Q2 earnings beat, much of it sparked by the company's $17.7B acquisition of ConocoPhillips oil sands assets earlier this year.
Raymond James analyst Chris Cox suggests investors look past the headline beat on cash flow, which "relative to our estimates, was driven almost entirely by one-time cash tax recoveries and currency-related gains," adding that there were “no meaningful announcements that lead us to temper our bearish outlook on the stock.”
President and CEO Brian Ferguson says CVE expects to announce sales for its Weyburn and Palliser non-core oil assets before the end of the year for proceeds of $4B-$5B.
AltaCorp Capital's Nicholas Lupick says “all eyes remain on assets sales,” while noting that the company’s financial and operating results were positive.
eFinanceMarkets
7 년 전
Outgoing Cenovus CEO failed to address share price "carnage," analysts say
Analysts and attendees at today's Cenovus Energy (NYSE:CVE) shareholders meeting criticized outgoing CEO Brian Ferguson for not sufficiently addressing concerns over CVE's debt levels or how the company plans to receive fair value for its planned sale of assets.
“The elephant in the room... is that they did not address the last 2.5 months of carnage that the market has had to deal with,” says Rafi Tahmazian, a senior portfolio manager at Canoe Financial.
Ferguson also declined to address whether his decision to step down coincided with last month's purchase of Canadian oil sands assets from ConocoPhillips, which has left CVE increasingly exposed to prices at a time when the oil markets have turned bearish; most analysts peg CVE’s breakeven costs after the acquisition at ~US$50/bbl or higher.
CVE shares have plunged by nearly half since the deal announcement, while COP is roughly flat; CVE tumbled to an all-time low before settling -8.6% on the day.
eFinanceMarkets
8 년 전
Cenovus Energy -11% as massive deal seen increasing debt, leverage
Cenovus Energy (CVE -11.5%) slumps to 52-week lows following its purchase of ConocoPhillips’ (COP +8.7%) Canadian assets catapults, which catapults the company into the top three in the oil sands but the amount of debt it is taking on is raising red flags.
CEO Brian Ferguson called the deal “a unique opportunity to take full control of our oil sands assets,” during a conference call, adding that it would double CVE’s total production and reserves; he also said CVE plans to sell off its Pelican Lake oil sands properties and some light oil assets in Alberta as a result of the deal, and the company would revisit its dividend once those assets sold.
But analysts say the deal will weigh on shares in the near-term; Raymond James' Chris Cox says CVE takes on a “noticeably higher risk profile” after the deal, and investors are unlikely to see any appeal in the decision to deploy capital towards acquisitions rather than buybacks.
Morgan Stanley's Benny Wong says the deal simplifies CVE's operating structure and decision making, and buying producing assets that are familiar and top-tier is a “much more welcome scenario for the market rather than accelerating spend to develop new projects and have to wait several years before seeing cash flow.”
Canaccord's Dennis Fong says the price paid for the assets is fair, but the diversification from oil sands may confuse investors, yet he sees a sound strategic basis in acquiring assets which can aid in showing short-cycle growth and provide a source for natural gas liquids.
eFinanceMarkets
8 년 전
Cenovus Energy upped to Buy, MEG Energy cut to Hold at TD Securities
Cenovus Energy (CVE -0.8%) is upgraded to Buy at TD Securities, which calls the stock a "chronic underperformer" and sees an attractive entry point with shares -17% YTD.
TD notes CVE's own disclosures that indicate the need for $45-$50 West Texas crude prices to fully fund its sustaining capital, corporate cost and dividend payouts, but focuses on CVE's "pristine balance sheet and sharp cost structure improvements."
TD also downgrades MEG Energy (OTCPK:MEGEF -4.6%) to Hold, highlighting the company's debt position rather than the quality and execution of the Christina Lake project.
MEG's first debt tranche is not due until 2023, so "although it can wait patiently for an improvement in fundamentals, most investors likely require line-of-sight to material deleveraging" over 18-24 months, the firm says.
risktaker2005
14 년 전
CALGARY (Dow Jones)--The Alberta government named several major Canadian and international energy companies that have leases that may be affected by a new conservation plan unveiled Tuesday prohibiting oil sands development in some areas.
The list includes Imperial Oil Ltd. (IMO), which is majority owned by Exxon Mobil Corp. (XOM), Norway's Statoil Ltd. (STO), Canadian Natural Resources Ltd. (CNQ) and Cenovus Energy Inc. (CVE).
The Alberta government said it plans to set aside more than 7,700 square miles of land in the northeastern oil sands region for conservation that would preclude oil sands development on part of 10 leases held by energy companies.
The government said oil sands companies would be compensated for their costs in purchasing and developing the canceled leases.
Cenovus Energy confirmed Tuesday that part of its Borealis oil sands lease may be affected by the government's conservation plan, but not the part that is currently planned for development.
Cenovus has applied to develop a 35,000 barrel-a-day oil sands plant in the Borealis area, but spokeswoman Rhona DelFrari said the project doesn't appear to be affected by the government's conservation plan.
"We have a lot of land in northern Alberta, so it's looking like the section that may be impacted by this is not the area that we are planning to develop in the near future," DelFrari said. She said it's not yet clear how much of Cenovus's booked oil sands reserves would be affected by the government's decision. Because Cenovus hasn't surveyed the resource on all of its oil sands property, company reserves may not be affected at all.
A Statoil spokesman said the company is studying the plan and didn't have an immediate comment.
Representatives of Imperial Oil and Canadian Natural Resources weren't immediately available to comment.
Other companies that could be affected include fledging oil sands producers Athabasca Oil Sands Corp. (ATH.T), Alberta Oilsands Inc. (AOS.V), Southern Pacific Resource Corp. (STP.T), Perpetual Energy Inc. (PMT.T) and Sunshine Oilsands Ltd.
David Pryce, a vice president for the Canadian Association of Petroleum Producers, an industry group, said more compensation should be available for companies that would see their leases canceled.
"Companies have booked value for reserves that are there, and that has been reflected in their share prices," he said.
-By Edward Welsch, Dow Jones Newswires; 403-229-9095; edward.welsch@dowjones.com
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