Thu, Jul. 30, 3:21 PM
- Cenovus Energy (CVE +1.2%) is higher after cutting its quarterly dividend by 40% and accelerating its cost-cutting efforts while adopting a “more moderate approach” to expanding its oil sands assets.
- Q2 earnings fell to $0.18/share but easily topped analyst estimates, and cash flow dropped 60% Y/Y to $477M.
- CVE says it will cut another ~300 jobs on top of a reduction of 800 jobs announced in February, and raises its cost-cutting target for the year by 40% to $280M.
- CVE says Q2 oil sands output rose 5% to 130.7K bbl/day on a 30% Q/Q improvement in costs, but the production growth was more than offset by lower oil prices.
- CVE keeps its 2015 capital spending plan at C$1.8B-C$2B, but due to its expectations for ongoing low oil prices, it no longer plans to pursue multiple major oil sands construction projects at the same time.
- The company has two producing projects in the oil sands - Christina Lake and Foster Creek - both of which are 50% owned by ConocoPhillips; it plans to take advantage of the slower pace of development to find “the most economic way” to develop a third oil sands project, Narrows Lake.
Thu, Jul. 30, 6:14 AM
Wed, Jul. 29, 5:30 PM
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Wed, Apr. 29, 12:58 PM
- Cenovus Energy (CVE +0.1%) is trading around the flatline after reporting a larger than expected Q1 loss and a 45% Y/Y drop in cash flow, as lower oil prices far outweighed higher oil sands production and lower.
- CVE says production at its oil sands operations rose 20% Y/Y to more than 144K bbl/day and its cost to produce a barrel of crude from those assets fell by 31% with more cost cutting measures underway; however, these benefits were more than offset by the 49% Y/Y drop in average Brent prices.
- CVE also says it expects to add ~100K bbl/day of gross oil sands production capacity, bringing total oil sands production capacity to 390K bbl/day in 2016.
- In CVE's earnings conference call, CEO Brian Ferguson said current commodity prices are sufficient to cover both 2015 its capital spending and dividend payout.
Wed, Apr. 29, 6:04 AM
Tue, Apr. 28, 5:30 PM
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Thu, Feb. 12, 8:48 AM
- Cenovus Energy (NYSE:CVE) says it will cut 15% of its workforce, freeze wages and reduce discretionary spending as it reports a bigger than expected Q4 loss that ballooned 8x.
- The loss for the quarter included a $497M charge related to the Pelican Lake project due to the drop in oil prices and a slowing of the development plan for the project.
- CVE says that with low oil prices expected to persist through 2015 it will focus on expansion projects at its Foster Creek and Christina Lake operations that are already well advanced.
- Cash flow was cut by more than half to $401M, while total oil production rose 14.5% to 216K bbl/day.
- Last month, CVE cut its 2015 capital budget by $700M to $1.8B-$2B.
Thu, Feb. 12, 6:41 AM
Wed, Feb. 11, 5:30 PM
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Oct. 23, 2014, 10:54 AM
- Cenovus Energy (CVE +6.1%) opens strong after Q3 earnings slip 4% but beat expectations, and cash flow climbed 6% on higher oil sands production and stronger natural gas prices.
- CVE says cash flow reached C$985M (US$876M), or C$1.30/share, but the improvement was partly offset by weaker crude prices and lower refined product output.
- Refining operating cash flow fell 53% due to an unplanned coker outage in July at its Borger refinery in Texas and a planned turnaround at the Wood River refinery in Illinois; CVE owns a 50% stake in the two U.S. refineries operated by Phillips 66 (NYSE:PSX).
- CVE, which co-owns the Foster Creek and Christina Lake oil sands projects with ConocoPhillips (NYSE:COP), says its total oil production rose 13% to ~199K bbl/day, driven by a 23% jump in oil sands production to ~125K bbl/day.
Oct. 23, 2014, 6:26 AM
Oct. 22, 2014, 5:30 PM
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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, 6:14 AM
Jul. 29, 2014, 5:30 PM
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Apr. 30, 2014, 6:04 AM
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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