Cenovus Energy, Inc.NYSE
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  • Tue, Sep. 13, 10:39 AM
    • Saudi Arabia is seeking to strengthen its U.S. market position by buying LyondellBasell's (LYB -1.9%) big oil refinery in the Houston Ship Channel, but negotiations take place as Congress is moving to allow families of victims of the 9-11 attacks to sue Saudi Arabia for supposed ties between government officials and the terrorists, NY Times reports.
    • Saudi Aramco is believed to be the top contender for the refinery, with competition from Valero (VLO -0.9%), Suncor (SU -2.4%) and Cenovus (CVE -4.7%).
    • The possible purchase comes as Saudi Aramco and Royal Dutch Shell are disbanding their Gulf of Mexico partnership, with the Saudis poised to gain control over the Port Arthur, Tex., refinery as well as some gasoline stations and storage facilities, while Shell will take over two smaller refineries in Louisiana that were jointly owned; Middle East oil experts say the loss of the two refineries would make the acquisition of the LYB refinery all the more vital in maintaining the Saudi's dominant market position along the Gulf coast.
    | Tue, Sep. 13, 10:39 AM | 14 Comments
  • Tue, Sep. 13, 8:10 AM
    | Tue, Sep. 13, 8:10 AM
  • Thu, Aug. 25, 4:40 PM
    • LyondellBasell (NYSE:LYB) has retained Bank of America Merrill Lynch to help with the potential sale of its 263K bbl/day refinery in Houston, Reuters reports.
    • Saudi Aramco, Valero Energy (NYSE:VLO), Cenovus Energy (NYSE:CVE) and Suncor Energy (NYSE:SU) are among the companies that have expressed interest, according to the report.
    • LYB CEO Bob Patel said earlier this year that he expected the refinery eventually would go on sale, but he has not offered any time frame.
    | Thu, Aug. 25, 4:40 PM | 12 Comments
  • Thu, Jul. 28, 4:49 PM
    • Two Canadian energy companies today outlined preliminary plans to add new oil sands production at their Alberta operations, although analysts caution against concluding that oil sands growth would rebound rapidly, saying most companies would remain cautious.
    • Cenovus Energy (NYSE:CVE) said, as it released Q2 earnings, that it was performing engineering and rebidding work on a 50K bbl/day expansion of its Christina Lake thermal project, which was put on hold last year, and would decide whether to proceed by December.
    • MEG Energy (OTCPK:MEGEF) said in its Q2 earnings release that it could invest up to C$30M in its own project to raise production by 30K-40K bbl/day through this year's cost savings without raising its projected C$170M in 2016 capex.
    • "This is a very company-specific thing," says Desjardins analyst Justin Bouchard. For CVE, Christina Lake is "probably the best project out there, and they have got C$3.8B in cash."
    | Thu, Jul. 28, 4:49 PM | 1 Comment
  • Thu, Jul. 28, 2:02 PM
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  • Thu, Jul. 28, 6:02 AM
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  • Mon, Jul. 18, 12:18 PM
    • Canadian Natural Resources (CNQ -0.3%) has bought up ~12K natural gas wells across Alberta over the last two years, pushing past Encana (ECA -1.2%) as Canada's top natural gas producer, according to a Reuters analysis of regulatory data.
    • "All these new wells have low production, but they were bought for pennies for the dollar," Raymond James analyst Chris Cox says, noting the wells are in adjacent properties which offer cost synergies, and "if you are expecting pricing to improve then you get an additional uplift."
    • CNQ's North American natural gas production rose 9% in 2015 and 35% in 2014, and while the company bought wells, most rivals sold assets or maintained a steady well count; Cenovus Energy's (CVE -0.6%) well count fell 2% in Alberta during 2013-15, and Penn West (PWE +0.3%) shed nearly 30% of its wells during the period.
    | Mon, Jul. 18, 12:18 PM | 5 Comments
  • Tue, Jul. 12, 9:45 AM
    • Alberta introduced two new oil and gas royalty programs yesterday that the provincial government says will encourage producers to explore new areas, boost production and keep people working.
    • The Emerging Resources Program will apply to wells being drilled in the early stages of development, and allows producers to pay a flat 5% royalty rate, while the Enhanced Hydrocarbon Recovery Program is aimed at boosting production from aging wells.
    • Alberta’s NDP government within only a year has gone from threatening to increase oil and gas royalties to having to provide royalty incentives to stimulate drilling activity, Financial Post's Claudia Cattaneo writes.
    • Among oil and gas companies currently active in Alberta: SU, ECA, CVE, CNQ, ENB, TRP, OTCPK:HUSKF, IMO, XOM, COP, PDS, CEO, RDS.A, RDS.B
    | Tue, Jul. 12, 9:45 AM | 30 Comments
  • Thu, Jun. 30, 1:13 PM
    • Canadian oil and gas companies say they are not worried about the new North America-wide energy and climate change strategy announced yesterday by Canadian PM Trudeau, U.S. Pres. Obama and Mexican Pres. Nieto, which includes reducing methane gas emissions from the oil and gas industry by 40%-45%.
    • The Canadian Association of Petroleum Producers says “having our competitors held to a similar standard is going to be good for all of us," since Canadian producers already are under pressure to cut methane emissions and pay carbon levies.
    • TransCanada (NYSE:TRP) says it welcomed the agreement and cited its growing natural gas pipeline business in Mexico and its acquisition of Columbia Pipelines in the U.S. as evidence of the need for an interconnected energy system.
    • The pact would force the three countries to add renewables, nuclear projects or carbon capture and storage projects on coal-fired power plants that would raise the total to 50% from the current 37%.
    • Among other relevant tickers: SU, ECA, ENB, CVE, CNQ, OTCPK:HUSKF, IMO, XOM, COP, PDS, CEO, RDS.A, RDS.B
    | Thu, Jun. 30, 1:13 PM | 33 Comments
  • Tue, Jun. 28, 11:58 AM
    • A Canadian government study yields a surprising result about what happens to oil sands crude in a freshwater spill: it floats, at least for a while, sinking more slowly than conventional oil, unless exposed to high temperatures and weathering.
    • The results may help dispel some concern that a spill of diluted bitumen would be more difficult to clean up, and help companies make the case for pipeline projects such as Kinder Morgan’s (KMI +0.9%) Trans Mountain expansion and Enbridge’s (ENB -0.1%) Northern Gateway pipeline.
    • The study follows a 2015 report by the U.S. National Academy of Science that showed diluted bitumen tended to sink quickly after being spilled in fresh water.
    • Among other relevant tickers: SU, ECA, CVE, CNQ, TRP, OTCPK:HUSKF, IMO, XOM, COP, PDS, CEO, RDS.A, RDS.B
    | Tue, Jun. 28, 11:58 AM | 62 Comments
  • Wed, Jun. 22, 10:36 AM
    • Alberta's tougher rules in determining if companies are financially strong enough to buy oil and gas assets could chill M&A activity in the province, energy industry players warn.
    • The Alberta Energy Regulator announced Monday that companies seeking to buy oil and gas properties will need to show their deemed assets exceed their deemed liabilities by 2x or more after the purchase, after deemed assets previously needed only to be equal to deemed liabilities.
    • More than 200 companies that met the prior standard were ruled out as buyers by the stricter financial solvency test, a move that Industry reps say will limit the number of companies allowed to buy oil and gas assets.
    • Among oil and gas companies currently active in Alberta: SU, ECA, CVE, CNQ, ENB, TRP, OTCPK:HUSKF, IMO, XOM, COP, PDS, CEO, RDS.A, RDS.B
    | Wed, Jun. 22, 10:36 AM | 32 Comments
  • Mon, Jun. 13, 2:45 PM
    • Plenty of upside remains in E&P names even after sharp YTD gains, Morgan Stanley analysts say amid confidence that the oil market recovery is occurring and oil prices will need to hit $80/bbl or so to deliver the production growth the world will need.
    • Given recent production outages, the firm sees a risk of an H2 pullback yet also a long-term recovery that is "the bigger and a higher conviction event in a low conviction world and we add risk, yet not go 'all-in' here."
    • Stanley upgrades Concho Resources (CXO +0.1%) and Cenovus Energy (CVE +0.9%) to Overweight from Equal Weight, and says it also remains positive on Pioneer Natural Resources (PXD +0.6%), Devon Energy (DVN +2.4%), Continental Resources (CLR +1.7%) and Cimarex Energy (C -0.8%); the firm cuts Occidental Petroleum (OXY -0.3%) to Equal Weight from Overweight on relative value.
    | Mon, Jun. 13, 2:45 PM
  • Fri, Jun. 10, 8:37 AM
    • Canadian Natural Resources (NYSE:CNQ) and Cenovus Energy (NYSE:CVE) say they restarted operations at two oil sands facilities in northern Alberta yesterday after a wildfire threat faded.
    • CNQ said it has resumed normal operations at its 49K bbl/day Pelican Lake site, including the restart of 800 bbl/day of shut-in production.
    • CVE said it was in the process of restarting production at its 23K bbl/day project after shutting down production two days earlier.
    • The Pelican Lake fire was ~100 miles southwest of a massive wildfire that was still burning east of Fort McMurray.
    | Fri, Jun. 10, 8:37 AM
  • Wed, Jun. 8, 2:24 PM
    • The wildfires in Alberta are again affecting crude oil production, as Cenovus Energy (CVE -2.8%) and Canadian Natural Resources (CNQ -3.2%) evacuate oil facilities near Pelican Lake.
    • Flames advanced yesterday to within 1 km of CVE's main Pelican Lake complex, forcing the company to shut down its heavy oil plant and evacuate 118 staff; the site produced ~23K bbl/day of heavy oil during Q1.
    • CNQ also temporarily halted some production at its 49K bbl/day Pelican Lake operations and evacuated non-essential staff.
    • Further north, oil sands producers have begun restarting operations after the fires forced last month's shutdown of more than 1M bbl/day of production in the Fort McMurray region; ConocoPhillips (COP +0.2%) says 10% of its wells have been activated at its 60K bbl/day Surmont project, with most of its ~700 employees expected onsite by the end of this week.
    | Wed, Jun. 8, 2:24 PM | 3 Comments
  • Fri, May 27, 2:22 PM
    • TransCanada (TRP +0.5%) reacts coolly to presidential contender Donald Trump’s proposal to approve the Keystone XL pipeline if the U.S. can get a piece of the profits, saying Trump's idea is not the way projects are usually structured and the next U.S. president would have to accept that.
    • The role of the U.S. government in such deals is that of a regulator ensuring various laws and regulations are followed and granting appropriate permits, a TRP spokesperson says.
    • Brian Ferguson, CEO of Alberta oil sands producer Cenovus Energy (CVE -0.2%), also takes issue with Trump’s position, saying he expects if Trump were elected president that "his advisors would explain the economic benefit to him of having more Canadian heavy oil available to U.S. refiners."
    | Fri, May 27, 2:22 PM | 21 Comments
  • Thu, May 26, 5:28 PM
    • The amount of pollution created by vapor from Canada’s oil sands ranks on par with most major cities in North America, according to a new study by the country’s environmental regulator.
    • While the connection between the oil sands’ carbon emissions and climate change is well documented, the study is the first to track the vapor produced in the process and the extent of the resulting pollution.
    • Vapor from the bitumen of the oil sands is released into the air when it is dug up in open pit mines and later as the oil is separated out, and once in the atmosphere and exposed to sunlight, the vapors mix with other chemicals to become particles known as secondary organic aerosols; according to the study, the oil sands were rivaled by only the largest metro areas such as Los Angeles in creating the particles; vehicle exhaust and electrical generation are the main sources of the particles in cities.
    | Thu, May 26, 5:28 PM | 47 Comments