Cenovus Energy, Inc.

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  • Sep. 17, 2014, 5:48 PM
    • Cenovus Energy (NYSE:CVE) says it achieved first oil production at its recently-completed Foster Creek phase F expansion earlier this month.
    • CVE expects Phase F to add 30K bbl/day of capacity, with production ramping up over the next 12 to 18 months; phases G and H are under construction and are expected to add another 30K bbl/day each with first production anticipated in late 2015 and 2016, respectively, bringing total expected gross production capacity at Foster Creek to 210K bbl/day.
    • Foster Creek is 50%-owned by ConocoPhillips (NYSE:COP).
    | Sep. 17, 2014, 5:48 PM | 1 Comment
  • Jul. 30, 2014, 9:44 AM
    • Cenovus Energy (CVE +2.6%) opens higher after its Q2 earnings more than tripled, helped by increased production at its Christina Lake oil sands project in Alberta.
    • CVE's Q2 oil sands production averaged nearly 125K bbl/day, with Christina Lake up 77% to 68K bbl/day following completion of another phase of development.
    • Total oil production rose 18% to 201,688 bbl/day; natural gas production fell 5% in the quarter.
    • Cash flow of C$1.19B ($1.57/share) was 37% higher than a year earlier, fueled by higher oil sands production and improved commodity prices.
    | Jul. 30, 2014, 9:44 AM | 2 Comments
  • Jul. 30, 2014, 6:14 AM
    • Cenovus Energy (NYSE:CVE): Q2 EPS of $0.62 beats by $0.14.
    | Jul. 30, 2014, 6:14 AM
  • Jul. 25, 2014, 3:42 PM
    • Exxon Mobil (XOM -1.2%) is downgraded to Underweight from Equal Weight at Barclays, primarily due to its relative valuation in the belief that potential upside is limited compared to peers.
    • XOM will continue to face relative headwinds concerning the lack of meaningful near-term production growth and the likelihood of a relatively steady high oil price environment, Barclays believes.
    • The firm recommends switching out of XOM to ConocoPhillips (COP -0.3%), Imperial Oil (IMO -1.3%) or Suncor (SU -0.3%).
    • Barclays also cuts Cenovus Energy (CVE -1.7%) to Equal Weight from Overweight, seeing operating issues at Foster Creek and Pelican Lake remaining a drag on shares over the next several quarters (Briefing.com).
    | Jul. 25, 2014, 3:42 PM | 18 Comments
  • Jul. 12, 2014, 8:25 AM
    • The problem facing Canada isn't the Keystone pipeline or Pres. Obama or environmentalists - it's the oil sands, and they've got to be cleaned up and the head-in-the-sand denials chased way or the country will be stuck with a "baby seal hunt" image, Diane Francis writes in the Financial Post.
    • The columnist thinks she knows the right person to lead the clean-up: Jeff Immelt - "an American leader with stature in Washington, on Wall Street, in the oil patch and in Silicon Valley" - who said this week that GE will help companies clean up the oil sands.
    • The only way to stop the environmental excuses, Immelt believes, is for the industry to collaborate and voluntarily establish lower emissions targets that would make the oil sands competitive with any other fuel source in the world - without such a promise to provide cleaner energy, "all bets are off."
    • Some related companies: XOM, IMO, SU, RDS.A, RDS.B. ENB, TRP, CNQ, CVE, CVX, COP, BP, KMP, WPZ, TOT, STO, CEO, SNP, PTR, HUSKF, ATHOF, COSWF.
    | Jul. 12, 2014, 8:25 AM | 197 Comments
  • Jul. 9, 2014, 11:29 AM
    • Cenovus Energy (CVE -0.8%) CEO Brian Ferguson raps Liberal Party leader Justin Trudeau and NDP leader Thomas Mulcair for opposing the proposed Northern Gateway (ENB) pipeline for "political gain."
    • "What they are saying [about] the most scrutinized project that we ever had the National Energy Board look at [is that] they would chose to ignore this very stringent regulatory process for what I think is their own political gain,” Ferguson says.
    • Ferguson, whose company is one of Northern Gateway's funding partners, says shippers remain supportive and will follow up with more specific commitments in the future.
    | Jul. 9, 2014, 11:29 AM
  • Jun. 17, 2014, 6:56 PM
    • Enbridge (ENB) gained approval for its Northern Gateway pipeline, but now the real work begins, since it first must nail down oil shipping contracts that meet the 200-plus conditions attached to the project.
    • ENB needs firm transportation contracts covering at least 60% of the pipeline’s capacity prior to starting construction, and some analysts say the many competing export projects and the sharp growth of oil shipments by rail could make shoring up commercial support for the pipeline difficult, and even delay construction into next decade.
    • If built, Northern Gateway would serve as an important link between the Alberta oil sands deposits and energy-thirsty Asian markets, but If TransCanada’s (TRP) Keystone XL and Energy East projects are approved, “Gateway gets shelved for a very, very long time, because [ENB] won’t be able to fill it," says one industry analyst.
    • Suncor (SU), Cenovus (CVE), Cnooc (CEO), Total (TOT) and others have signed so-called precedent agreements to ship oil on the pipeline, but legal experts say those agreements aren’t binding, giving producers wiggle room to choose alternatives.
    | Jun. 17, 2014, 6:56 PM | 6 Comments
  • Apr. 30, 2014, 6:04 AM
    • Cenovus Energy, Inc. (CVE): Q1 EPS of $0.50 beats by $0.02.
    | Apr. 30, 2014, 6:04 AM
  • Apr. 16, 2014, 10:48 AM
    • Alberta looks likely to implement energy efficiency measures when it revamps its climate-change policy to win support for its oil sector, an about-face on the former premier’s vow that the province wouldn’t enact new rules until the U.S. did.
    • The province plans to have new regulations on emissions in the near future and may include a higher carbon price, Alberta's environment minister says.
    • The struggle by Alberta’s oil producers for access to new markets, as reflected in U.S. delays in approving the Keystone XL (TRP) pipeline, comes amid opposition to oil sands bitumen because of its higher carbon intensity and concerns around air and water pollution.
    • Relevant companies include ECA, ENB, EEP, STO, XOM, IMO, SU, CVE, PGH, BP, CNQ, BTE, DVN, IVAN, AAV, RDS.A, RDS.B, PTR, ATHOF
    | Apr. 16, 2014, 10:48 AM | 5 Comments
  • Feb. 13, 2014, 6:12 AM
    • Cenovus Energy (CVE): Q4 EPS of $0.28 misses by $0.03.
    | Feb. 13, 2014, 6:12 AM
  • Feb. 13, 2014, 12:05 AM
    | Feb. 13, 2014, 12:05 AM | 3 Comments
  • Feb. 12, 2014, 5:30 PM
  • Jan. 9, 2014, 4:31 PM
    • KKR says it will open its first Canadian office next month in Calgary, the capital of Canada's oil patch, as it seeks to tap into growing demand for private-equity financing in the region and expand its presence in the global energy industry.
    • KKR Director Brandon Freiman, who will relocate from the NYC headquarters to start up the new office, is eyeing investment of $500M to "several billion dollars" over the next five years in upstream oil and gas production, midstream pipelines and related infrastructure as well as energy services businesses.
    • The planned investments will include providing financing instead of outright takeovers, KKR says.
    • Canadian energy names on the radar: SU, IMO, BTE, SOQ, ERF, CVE, COSWF, AAV, BXE, CNQ.
    | Jan. 9, 2014, 4:31 PM | 8 Comments
  • Dec. 17, 2013, 6:55 PM
    • Morningstar's Ultimate Stock Pickers latest list of top 10 dividend yielding stocks is led by Philip Morris (PM), "a cash-generating machine... fortified by a bevy of powerful brands, a global manufacturing and distribution system, and... an addictive product set."
    • While 2014 is seen as an investment spending year at McDonald's (MCD), at least one analyst was reassured by the recent analyst day presentation which balanced discussions about growth and capacity initiatives with talk about returning value to shareholders.
    • Other selections: GSK, VOD, LLY, COP, INTC, MRK, UN, CVE.
    | Dec. 17, 2013, 6:55 PM | 9 Comments
  • Dec. 16, 2013, 6:24 PM
    • Statoil (STO) is weighing new expansions in Alberta's oil sands against the price tag of developing a trove of newly discovered crude oil on Canada's Atlantic coast, the head of its Canadian arm says.
    • Growth in Alberta potentially could take a back seat to offshore development on the east coast, where STO this year made a 600M barrel discovery at its Bay du Nord prospect.
    • STO's caution in the oil sands mirrors more conservative strategies unveiled recently by others such as Cenovus (CVE) and Suncor (SU); with uncertainty over pipelines, companies are eschewing large budgets and seeking to better align cash flow with expenses.
    | Dec. 16, 2013, 6:24 PM | 12 Comments
  • Dec. 12, 2013, 7:57 AM
    • Cenovus Energy (CVE) plans a capital budget in the $2.8B-$3.1B range for 2014, a 13% Y/Y decrease, as it cuts back on exploration activities while projecting a 9% drop in operating cash flow to $3B-$3.7B.
    • ~90% of CVE's capex will be invested in its upstream oil assets; it plans to invest $680M-$760M to expand Foster Creek, a 12% Y/Y decrease, and $750M-$820M at Christina Lake, a 15% Y/Y increase.
    • CVE still expects oil output to rise 10% Y/Y to 190K-208K bbl/day, driven by Foster Creek and Christina Lake.
    | Dec. 12, 2013, 7:57 AM | 3 Comments
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.