Cenovus Energy, Inc.
 (CVE)

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  • Yesterday, 8:46 AM
    • Cenovus Energy (NYSE:CVE) says it is cutting its dividend, as well as its workforce and capital spending plan, as it works to “preserve its financial resilience" during a prolonged period of low oil prices, after posting a bigger than expected Q4 loss.
    • CVE says it will cut its quarterly dividend by 69% to C$0.05/share after slashing its dividend by 40% in 2015, further reduce its workforce on top of a 24% cut last year, and cut 2016 capital spending for the second time, this time by C$200M-C$300M to C$1.2B-C$1.3B; the new capex outlook is a 27% reduction from 2015 and 59% below 2014 levels.
    • But CVE says the planned capex cuts will have "minimal impact" on its oil sands production, which it expects to stay within its previous forecast of 144K-157K bbl/day on a net basis.
    • CVE says its Q4 operating loss totaled C$438M, or C$0.53/share, which was smaller than a year earlier but well behind analyst expectations, and cash flow fell 31% Y/Y to C$275M.
    • CVE says its average crude oil sales price fell 50% in 2015, while its average natural gas sales price was down 33%.
    | Yesterday, 8:46 AM | 7 Comments
  • Yesterday, 7:28 AM
    | Yesterday, 7:28 AM
  • Wed, Feb. 10, 5:30 PM
    | Wed, Feb. 10, 5:30 PM | 26 Comments
  • Thu, Feb. 4, 2:56 PM
    • Suncor Energy (NYSE:SU) CEO Steve Williams says a meeting today between major players in Canada’s oil patch and PM Trudeau was encouraging but included no assurances on pipeline approvals.
    • Trudeau has pledged to seek greater global market access for Alberta’s oil sands crude so long as it can be done in an environmentally sustainable manner; the federal government's move last week to require an assessment of new pipelines’ impact on Canada’s greenhouse gas emissions and Native American communities was viewed as a setback by much of the oil industry.
    • Also included in the discussion were senior officials from Royal Dutch Shell (RDS.A, [[RDS.B), Husky Energy (OTCPK:HUSKF), Cenovus Energy (NYSE:CVE), Canadian Natural Resources (NYSE:CNQ), Imperial Oil (NYSEMKT:IMO) and Encana (NYSE:ECA).
    | Thu, Feb. 4, 2:56 PM | 12 Comments
  • Wed, Feb. 3, 5:58 PM
    • Kinder Morgan's (NYSE:KMI) Trans Mountain pipeline expansion can be built in a way that satisfies environmental concerns, a group of Canada’s largest oil companies argued today before the National Energy Board.
    • The lawyer acting for Canadian Natural Resources (NYSE:CNQ), Suncor Energy (NYSE:SU), Imperial Oil (NYSE:IM), Cenovus Energy (NYSE:CVE) and others, said the NEB panel should weigh the benefits of the pipeline against both the risks of a potential spill as well as the risk-mitigation measures KMI has planned for the line.
    • BP Canada's legal counsel added that demand on the existing pipeline between Alberta and Burnaby, B.C., far outstrips supply capacity on “the only pipeline system transporting crude oil to the west coast.”
    • The Trans Mountain expansion would add 590K bbl/day of pipeline capacity.
    | Wed, Feb. 3, 5:58 PM | 20 Comments
  • Mon, Feb. 1, 3:15 PM
    • Alberta's government says it will provide up to C$500M (US$357M) in subsidies to support new petrochemical plants, part of a plan to help diversify the province’s economy by creating higher value products from its resources.
    • The subsidies are designed to attract two or three new petrochemical projects, each of which would be eligible for up to C$200M in credits for purchasing ethane or propane; the credits would be provided only once a facility is built and starts operating to reduce the financial risk to the province.
    • The program follows Alberta’s review of oil and gas royalty charges, which was unveiled Friday and said there was an opportunity to encourage more petrochemical processing in the province.
    • Relevant tickers: SU, CVE, OTCPK:HUSKF, OTCQX:COSWF, RDS.A, RDS.B, IMO, XOM, CNQ, ENB, TRP, PDS, OTCPK:MEGEF
    | Mon, Feb. 1, 3:15 PM | 44 Comments
  • Fri, Jan. 29, 2:15 PM
    • Alberta's new government unveils its new oil and gas royalty framework that left rates unchanged on existing oil wells and oil sands projects, easing fears that it could lead to higher costs and job losses at a time when Canada's energy heartland is already staggering from collapsing oil prices.
    • The highly anticipated royalty review keeps the current commodity price-based system, but will levy rates once the cost of a well has been recouped based on industry averages for drilling costs in Alberta, will apply only to new wells from 2017 onward; existing royalty rates will remain in place for 10 years on wells drilled before 2017.
    • Relevant tickers: SU, CVE, OTCPK:HUSKF, OTCQX:COSWF, RDS.A, RDS.B, IMO, XOM, CNQ, ENB, TRP, PDS, OTCPK:MEGEF
    | Fri, Jan. 29, 2:15 PM | 38 Comments
  • Dec. 16, 2015, 5:17 PM
    • The cost to produce crude oil from Alberta’s oil sands dropped this year after 15 years of continuous inflation, according to a new report from IHS Energy, as capital and operating costs in the region have fallen in response to collapsing global oil prices.
    • But the findings do not mean the oil sands are now a more competitive choice for energy companies’ investment dollars compared with shale or offshore oil formations, as costs across the global energy industry also have dropped.
    • The report also says 70% of oil sands production growth over the next five years will come from the expansion of existing projects, and 80% of that growth will be from steam-based, rather than mining, projects.
    • Relevant tickers: SU, CVE, OTCPK:HUSKF, OTCQX:COSWF, RDS.A, RDS.B, IMO, XOM, CNQ, ENB, TRP, OTCPK:MEGEF
    | Dec. 16, 2015, 5:17 PM | 34 Comments
  • Dec. 16, 2015, 2:31 PM
    • Moody's says it is reviewing 29 E&P companies from the U.S. and seven from Canada for a potential downgrade, saying the companies "will be stressed for a longer period with much lower cash flows, difficulty selling assets and limited capital markets access."
    • Based on the severity and potential duration of the industry challenges, Moody's expects many companies will be downgraded one notch and others could be lowered by more than one notch.
    • Yesterday, the ratings agency cut its oil and gas price assumptions in light of continuing oversupply in the global oil markets and the U.S. natural gas market.
    • Among the U.S. companies: APC, AR, APA, XEC, CXO, COP, CLR, DNR, EGN, EOG, EPE, EQT, HES, MRO, MUR, NFG, NFX, NBL, OXY, PXD, QEP, RRC, SM, SWN, UNT, WLL, WPX
    • From Canada: BTE, CNQ, OTCQX:COSWF, CVE, ECA, OTCPK:HUSKF, SU
    | Dec. 16, 2015, 2:31 PM | 36 Comments
  • Dec. 11, 2015, 7:26 PM
    • Alberta's provincial government says it will delay the release of a controversial review of royalty rates paid by oil and gas producers until early next year.
    • Premier Notley and her NDP party had promised to reassess royalty rates on energy production as part of an election campaign that swept them into office earlier this year, but the review has drawn sharp criticism in the oil patch and from opposition parties because it comes as the province and energy industry struggle with tanking oil prices.
    • Alberta's energy minister has said any changes in royalty rates would not take effect before 2017, a move intended to ease the impact on the energy industry.
    • Relevant tickers: SU, CVE, OTCPK:HUSKF, OTCQX:COSWF, RDS.A, RDS.B, IMO, XOM, CNQ, ENB, TRP, OTCPK:MEGEF
    | Dec. 11, 2015, 7:26 PM | 33 Comments
  • Dec. 10, 2015, 5:41 PM
    • Cenovus Energy (NYSE:CVE) President and CEO Brian Ferguson says Alberta's new climate change plan, with its hard cap on greenhouse gas emissions in the oil sands, will not affect the company's oil sands growth plans.
    • CVE sees the plan, which has caused deep divisions in the oil sands sector, as balanced and as removing policy uncertainty, Ferguson said today in a conference call to discuss its 2016 budget.
    • Meanwhile, CVE plans $1.4B-$1.6B in 2016 capital spending, ~19% less than 2015 levels, and can reduce spending by an additional $100M-$200M if oil prices deteriorate further, Ferguson said.
    • The CEO also said CVE is on track to complete expansions at its two main in situ projects, Christina Lake and Foster Creek, which will add 50K bbl/day capacity by 2017.
    | Dec. 10, 2015, 5:41 PM | 1 Comment
  • Dec. 10, 2015, 9:10 AM
    • Cenovus Energy (NYSE:CVE) says it expects to cut its 2016 capital budget by ~19% from this year's estimated budget, to $1.4B-$1.6B.
    • CVE, which jointly operates the Foster Creek and Christina Lake oil sands projects with ConocoPhillips, says it will use ~80% of its 2016 budget to sustain capital investments, with the remaining budget to be allocated mainly to oil sands growth projects.
    • CVE expects 2016 total oil output to remain in-line with this year, with oil sands production rising ~7% Y/Y and conventional oil production ~15% lower due in part to the sale of its royalty interest and fee lands business in July.
    | Dec. 10, 2015, 9:10 AM | 2 Comments
  • Dec. 2, 2015, 10:20 AM
    • A secret deal between four of Alberta's oil sands leaders and environmentalists to cap emissions in exchange for backing down on pipeline opposition has outraged players who were left on the sidelines, Financial Post reports.
    • Four oil sands leaders - Canadian Natural Resources' (NYSE:CNQ) Murray Edwards, Suncor (NYSE:SU) CEO Steve Williams, Shell Canada (RDS.A, RDS.B) Lorraine Mitchelmore, and Cenovus Energy (NYSE:CVE) CEO Brian Ferguson - stood with Alberta Premier Notley Nov. 22 as she announced a climate change plan that included a firm cap on the oil sands’ share of provincial emissions at 100 megatonnes/year from ~70 megatonnes today.
    • But leaders of competing companies including Imperial Oil (NYSEMKT:IMO) and MEG Energy (OTCPK:MEGEF) were not consulted and are said to be outraged by the secret deal; they also worry the deal is unenforceable and that it is premature to support a policy whose details and financial implications are not known.
    • The deal also has sparked concern that it could decide new winners and losers, with the potential to pit put oil sands miners against in situ.
    | Dec. 2, 2015, 10:20 AM | 30 Comments
  • Nov. 24, 2015, 12:49 PM
    • Canadian oil producers may say they are on board with Alberta’s new climate change policy goals, but the requirement that companies reduce their methane emissions by 45% will add costs "in the tens or hundreds of millions of dollars over the next five years," the Canadian Association of Petroleum Producers says.
    • Alberta’s oil and gas sector produced 30.4 megatons of methane emissions in 2013, accounting for 70% of the province’s overall methane emissions.
    • National Bank Financial analyst Kyle Preston calls Alberta’s climate change policy “fair and accommodating” for oil and gas companies, and says newer energy projects such as Canadian Natural Resources' (NYSE:CNQ) Horizon oil sands project and MEG Energy’s (OTCPK:MEGEF) Christina Lake facility emit less greenhouse gas than older facilities, which will be hit harder by the new policies.
    • Other related tickers: TRP, ENB, IMO, XOM, RDS.A, RDS.B, OTCQX:COSWF, OTCPK:HUSKF, CVE
    | Nov. 24, 2015, 12:49 PM | 18 Comments
  • Nov. 23, 2015, 8:19 AM
    • Alberta's government announces plans to cap oil sands emissions for producers, phase out coal power plants and implement a carbon tax in an effort to curb pollution.
    • The provincial government in impose a limit of 100 megatons/year of carbon emissions, above current annual emissions of ~70 megatons, phase out coal power plants by 2030, and set a carbon price of C$20/metric ton (US$15) by 2017 which rises to C$30 in 2018.
    • The Canadian Association of Petroleum Producers supports the initiative, saying it could help improve Alberta’s image in markets to which oil sands producers hope to expand access.
    • "This will create a wealth of opportunities and jobs for generations to come. We in Alberta want to take a leadership role on climate," says Suncor (NYSE:SU) CEO Steve Williams.
    • Coal producers criticized the new policy, however, saying it will raise electricity costs in Alberta and cost Canadian jobs.
    • Other relevant tickers: TRP, ENB, IMO, XOM, RDS.A, RDS.B, OTCQX:COSWF, OTCPK:HUSKF, CVE, CNQ
    | Nov. 23, 2015, 8:19 AM | 24 Comments
  • Nov. 12, 2015, 7:11 PM
    • Hard-hit Canadian energy producers, coming off a bleak Q3 earnings season, are signaling they will cut capital spending for a second straight year in 2016, Reuters reports.
    • The seven biggest Canadian producers cut 2015 capital spending by 39%, or a combined C$12B, from last year, and Eric Nuttall, portfolio manager at Sprott Asset Management, expects another 10%-20% reduction for 2016.
    • Of the seven, so far only Cenovus Energy (NYSE:CVE) and Canadian Natural Resources (NYSE:CNQ) have outlined 2016 budgets; CVE estimates 2016 capex of C$1.5B-C$2B vs. C$1.8B-$1.9B in 2015, and CNQ expects to spend C$4.5B-C$5B next year from C$5.44B in 2015.
    • Encana (NYSE:ECA) today bucked the trend a bit by speeding up investment in the U.S. Permian Basin this year but is using capital originally earmarked for 2016; the company suggested in its earnings conference call that 2016 spending will be carefully controlled.
    • Also: SU, TRP, ENB, IMO, OTCPK:HUSKF
    | Nov. 12, 2015, 7:11 PM
Company Description
Cenovus Energy Inc is an integrated oil company. The Company is in the business of developing, producing and marketing crude oil, NGLs and natural gas in Canada with refining operations in the United States.