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.
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.
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. | Comment!
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. | 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. | Comment!
Feb. 14, 2013, 3:31 PMCenovus Energy (CVE -2.4%) will make a strong show of support for TransCanada's (TRP) plan to ship oil sands-derived crude to eastern Canada in a converted natural gas pipeline when bids for capacity are called, VP Don Swystun says on a conference call after Q4 earnings, "so we will be having a significant participation when that line goes to open season." | 8 Comments
Jan. 24, 2013, 3:59 PMCenovus Energy (CVE +1.5%) CEO Brian Ferguson says it has refining capacity, supply arrangements and hedging contracts in place to deal with 90% of its exposure to deeply discounted Canadian heavy crude oil prices this year. CVE and JV partner Phillips 66 also are working on ways to "debottleneck" the 362K bbl/day Wood River refinery to increase its capacity to process heavy crude by 5%-10%. | Comment!
Oct. 2, 2012, 3:26 PM
Jul. 25, 2012, 11:17 AMCenovus Energy (CVE -2.7%) slips after its Q2 EPS missed estimates this morning, as cash flow fell slightly on lower commodity prices. Total oil production averaged more than 155,000 bbls/d during the quarter, a 28% increase compared with the same period a year earlier. Capital investment jumped 39% Y/Y to $660M. as the company expands development at its Narrows Lake oil sands project, which is expected to have a gross production capacity of 130,000 bbls/d once on line. | Comment!
Dec. 7, 2011, 1:40 PM
Oct. 7, 2011, 3:58 PM
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