Oct. 23, 2013, 5:30 PM
- AB, ABB, ACAT, AIXG, ALK, ALV, ALXN, AN, ASPS, AVT, BC, BEN, BG, BLL, BMS, BSX, CAB, CAJ, CAM, CCE, CELG, CFX, CL, CLI, CMS, CRI, CS, CSH, CVE, CWEI, DFT, DLX, DNKN, DO, DOW, DST, ELN, EQM, EQT, ERIC, ESI, F, FAF, FLIR, GG, GNC, GNRC, HERO, HOT, HSY, ICLR, IMAX, IP, JNS, KKR, KMT, LAZ, LEG, LTM, LUV, MCK, MDP, MDSO, MGI, MJN, MMM, MO, NBL, ODFL, ORI, PACR, PCP, PDS, PHM, POT, PTEN, PVR, QSII, RCI, RCL, RDWR, RS, RTN, RYN, SEIC, SHPG, SIRI, SJR, SLAB, STC, TDY, TKR, TROW, UA, UFS, USG, VCI, VDSI, VLY, VNTV, WAB, WCC, WRLD, XEL, XRX, YNDX, ZMH
Oct. 21, 2013, 10:59 AM
- The big North American integrated oil companies will begin releasing quarterly results later this week, and J.P. Morgan's energy research team forecasts earnings increases of 8% Q/Q and 9% Y/Y, remaining very positive on the sector even as crude oil prices drop below $100/bbl.
- The firm considers ConocoPhillips (COP) a top name to buy and a great total return play for investors, and it likes Hess (HES), Marathon Oil (MRO), Occidental Petroleum (OXY), Suncor (SU) and Cenovus (CVE); it's much less excited about Exxon Mobil (XOM) and Chevron (CVX).
Oct. 17, 2013, 2:06 PM
- TransCanada (TRP +0.2%) says its Nova regional natural gas pipeline serving Alberta's Athabasca oil sands region may have ruptured.
- Staff are trying to confirm the location of the break, which is affecting line pressures in the Fort McMurray oil sands region, TRP says.
- Suncor Energy (SU) is slowing operations in northern Alberta following the leak; SU's oil sands production totals ~309K bbl/day.
- Royal Dutch Shell (RDS.A, RDS.B), Cenovus Energy (CVE) and Imperial Oil (IMO) are among other operators in the region.
Oct. 4, 2013, 2:37 PM
- Western Canada's first crude-by-rail unit train terminal is set to start transporting 50K bbl/day of oil sands crude to the U.S. market next month, the CEO of operating company Canexus says.
- The terminal in Bruderheim, Alberta, which will be expanded to 100K bbl/day by late next year as a second supply pipeline is connected, initially will load only dilbit oil - heavy bitumen crude mixed with light condensate.
- For now, Canada's oil sands area is served only by manifest trains hauling smaller loads - not cost-effective - but ~550K bbl/day of unit-train crude-by-rail projects are due to start up in western Canada by year-end 2014.
- MEG Energy (MEGEF.PK) says the terminal will allow it to ship all of its 30K-35K bbl/day of production by rail to its main market in the U.S. midwest; Cenovus Energy (CVE) also is signed up as a shipper.
Sep. 25, 2013, 5:43 PM
- A U.S. rejection of the Keystone XL pipeline (TRP) could defer 300K bbl/day of oil sands growth during 2015-17, shaving $1.8B from planned capital expenditures and pushing as much as $7.8B in spending on oilfield services beyond 2018, according to an RBC Capital report.
- Newer projects set to come online after 2016-17 could be deferred if Keystone isn't approved, but the overall impact likely would be mitigated by use of rail and competing pipelines, and producers such as Suncor Energy (SU), MEG Energy (MEGEF.PK) and Cenovus (CVE) which already have plowed billions into expansions of existing projects are hardly expected to change course.
- RBC echoes the emerging consensus view that bitumen growth is likely to continue regardless of the ultimate Keystone verdict.
Aug. 16, 2013, 10:33 AM
- Warren Buffett’s new 17.7M-share stake in Suncor (SU +1.7%) could spark investor interest in the battered stocks of Canadian oil sands companies, analysts say.
- Canadian Natural Resources (CNQ), Cenovus Energy (CVE) and Imperial Oil (IMO) - with "scale and access to market and cost discipline" - may get a second look from investors as Wall Street reviews oil and gas plays beyond prolific shale plays in their own backyard.
- SU produced a record 390K bbl/day in July, and its "new normal" would see output shoot up to 420K, First Energy Capital says.
- SU is trading at some of the lowest cash flow multiples and, at 80 years, has one of the longest reserve lives in its peer group.
Jul. 24, 2013, 10:32 AMCenovus (CVE -4%) shares slide after its Q2 misses estimates by a wide margin and the company says 2013 operating costs will be higher than forecast in previous guidance. Total oil output was up 10% Y/Y, but CVE recorded a $57M expense related to the sale of its Shaunavon light oil assets. Guidance on operating costs at its oilsands operations jumps to $3-$3.30/bbl vs. $2.70-$3 earlier. | Jul. 24, 2013, 10:32 AM | Comment!
Jul. 24, 2013, 6:51 AM
Jul. 24, 2013, 12:05 AMNotable earnings before Wednesday’s open: ABC, AOS, ARMH, ARW, ATI, BA, CAT, CFR, CKSW, CP, CVE, DAL, DPS, ECA, ELN, EMC, EVR, F, GD, GNTX, ICON, LAD, LCC, LL, LLY, MCO, MDCO, MSA, MSI, MTH, NDAQ, NOC, NOR, NYCB, OC, OCR, PCH, PEP, PLD, PVR, PX, RAI, RCI, RDN, RES, RLGY, SAVE, STX, TEL, TMO, TROW, TUP, WLP, WYN | Jul. 24, 2013, 12:05 AM | Comment!
Jul. 23, 2013, 5:30 PMNotable earnings before Wednesday’s open: ABC, AOS, ARMH, ARW, ATI, BA, CAT, CFR, CKSW, CP, CVE, DAL, DPS, ECA, ELN, EMC, EVR, F, GD, GNTX, ICON, LAD, LCC, LL, LLY, MCO, MDCO, MSA, MSI, MTH, NDAQ, NOC, NOR, NYCB, OC, OCR, PCH, PEP, PLD, PVR, PX, RAI, RCI, RDN, RES, RLGY, SAVE, STX, TEL, TMO, TROW, TUP, WLP, WYN | Jul. 23, 2013, 5:30 PM | Comment!
Jul. 23, 2013, 10:02 AMCanadian heavy oil producers Suncor (SU), Cenovus (CVE), Baytex (BTE), Imperial Oil (IMO) and Canadian Natural Resources (CNQ) have jumped 10%-15% in three months, and some analysts see further gains ahead on optimism that pipeline bottlenecks are easing - with or without the Keystone XL. The large-cap Canadian producers have an average enterprise value of 8x their 12-month trailing EBITDA vs. 12.9x in 2010. | Jul. 23, 2013, 10:02 AM | 2 Comments
Jun. 21, 2013, 4:54 PMThe Canadian military is deploying 1,200 troops to help rescue and recovery efforts in flood-ravaged southern Alberta amid the province's worst deluge in decades. Offices of major Calgary-based energy companies such as SU, ECA, IMO and CVE are closed, but there's no impact on operations in the field; Alberta's biggest oil sands deposits are located hundreds of miles away from Calgary. | Jun. 21, 2013, 4:54 PM | 1 Comment
Jun. 11, 2013, 5:01 PM
Apr. 25, 2013, 10:56 AMCenovus Energy (CVE +2.4%) CEO Brian Ferguson says Canada’s second-largest oil producer plans to step up shipments to refineries on the Gulf of Mexico regardless of whether the U.S. approves the Keystone pipeline. CVE expects to export 150K bbl/day to the Gulf mostly through Keystone and two other pipelines, is increasing the use of rail, and is even mulling tanker shipments. | Apr. 25, 2013, 10:56 AM | Comment!
Apr. 24, 2013, 3:46 PMCenovus Energy (CVE +2%) says the sale of some of its Saskatchewan oil properties put on the block earlier this year has been delayed by a "down draft" in Canada's capital markets. CVE, whose Q1 operating profit beat estimates with a 15% rise, says the smaller companies most likely to buy the assets are finding it difficult to find money to finance the purchase. | Apr. 24, 2013, 3:46 PM | Comment!
Apr. 24, 2013, 8:07 AMMore on Cenovus' (CVE) Q1 results: Cash flow was $971M, up 7% Y/Y mainly due to strength in its refining business. Combined oil sands production at Foster Creek and Christina Lake averaged more than 100K bbl/day, up 22% Y/Y. Conventional oil production, including Pelican Lake, averaged nearly 80K bbl/day, up 7%. | Apr. 24, 2013, 8:07 AM | 2 Comments
CVE vs. ETF Alternatives
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.
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