Although some of the industry's nearly one million bpd of production taken offline in Western Canada has been restored, Cenovus chief financial officer Jon McKenzie estimated about 500,000 bpd is still not being produced. The company's Oil Sands segment develops and produces bitumen in northeast Alberta. The SORs are expected to track lower again as production increases. Business flexibility and balance sheet strengthIn the second quarter of 2020, Cenovus remained focused on disciplined spending, maintaining its low cost structure and protecting its balance sheet. Neither Cenovus nor Suncor said they plan immediate changes to their 2020 capital budgets which were reduced in March and April. View of a Cenovus steam-assisted gravity drainage oil sands project in northern Alberta. This place we call home, Canada, is outstanding in so many ways. Video. Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. As previously announced, Cenovus has deferred the remainder of its 2020 drilling program in the conventional segment. See Advisory. ... CBC Calgary News at 11 August 28, 2020. “We made the strategic decision to use the flexibility of our business and relied on the collaboration of our upstream and marketing teams to manage the timing, storage and sales approach for our oil production,” said Pourbaix. Receive News & Ratings for Cenovus Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cenovus Energy and related companies with MarketBeat.com's FREE daily email newsletter. Cenovus Energy has a 12-month low of C$2.06 and a 12-month high of C$13.66. Finally, Goldman Sachs Group increased their price objective on shares of Cenovus Energy from C$5.50 to C$6.50 and gave the company a “buy” rating in a research note on Friday, June 12th. Operating highlightsCenovus’s upstream and refining assets continued to deliver safe and reliable operational performance during the second quarter. Statements relating to “reserves” are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and can be profitably produced in the future. 2 years ago. As at June 30, 2020 no amounts were drawn against the uncommitted demand facilities available to Cenovus’s refining partnership co-owned with Phillips 66. Cenovus’s ESG report highlights the work the company has done to establish bold targets in four key ESG focus areas that are most impactful to its business: climate & greenhouse gas (GHG) emissions, Indigenous engagement, land & wildlife, and water stewardship. Cenovus Energy (TSE:CVE) (NYSE:CVE)‘s stock had its “outperform” rating restated by investment analysts at CSFB in a report released on Wednesday, BayStreet.CA reports. 1 Adjusted funds flow, free funds flow and operating earnings/loss are non-GAAP measures. At Christina Lake, the SOR was 2.1 in the second quarter, compared with 2.0 in the same period a year earlier. Macphail acquired 60,000 shares of the firm’s stock in a transaction dated Tuesday, July 28th. Suncor reported late Wednesday a second-quarter net loss of $614 million or 40 cents per share, down from net earnings of $2.73 billion or $1.74 per share in the same period of 2019. In April, the company voluntarily reduced oil sands production to just under 344,000 barrels per day (bbls/d), down 11% or approximately 44,000 bbls/d compared with March volumes. ASSA ABLOY AB (publ) (OTCMKTS:ASAZY) Earns Neutral Rating from JPMorgan Chase & Co. Centennial Resource Development (NASDAQ:CDEV) Lifted to Neutral at Piper Sandler, MarketBeat.com's FREE daily email newsletter, Morgan Stanley Increases Thermo Fisher Scientific Price Target to $535.00, Tesla Coverage Initiated at Royal Bank of Canada, Calix Price Target Increased to $30.00 by Analysts at Craig Hallum. CALGARY, Alberta, July 23, 2020 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) remained focused on financial resilience in the second quarter of 2020 … Crude runs averaged 325,000 bbls/d in the second quarter, a 31% decrease from the same period in 2019. These cost savings are a result of the continued optimization of operations, focusing on critical repair and maintenance activities and increased use of Cenovus’s infrastructure. Privacy Policy In May and June, Cenovus was able to produce above the government of Alberta’s mandatory production curtailment limit for industry due to the purchase of low-cost production credits from other companies. Little said bringing back production from the second train at Fort Hills depends on oil prices, the ongoing Alberta oil output curtailment program which has prevented full production there and Suncor's ability to control costs. Early on in the year, it was trading north of $13, but it may not return to those heights for a while. 1:27. Cenovus used its existing capacity on the Trans Mountain pipeline to ship oil to Burnaby, B.C., where it was loaded onto a tanker for a month-long voyage of approximately 11,900 kilometres south along the U.S. West Coast, through the Panama Canal and north to Saint John. Suncor reported late Wednesday a second-quarter net loss of $614 million or 40 cents per share, down from net earnings of $2.73 billion or $1.74 per share in the same period of 2019. Oil & Gas The company continued its excellent safety performance in the first half of 2020 with zero significant incidents and strong results in the prevention of recordable injuries and process safety events. Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. Royal Bank of Canada reaffirmed an “outperform” rating and issued a C$7.00 target price on shares of Cenovus Energy in a report on Monday. Cenovus is changing its hedging strategy. However, while Cenovus brought back 60,000 barrels a day in June to take advantage of higher bitumen prices, Suncor signalled Thursday the shutdown of one of the two production trains at its 194,000-bpd Fort Hills oilsands mine could remain in place for some time. Forward-looking information in this document is identified by words such as “achieving”, “aim”, “believe”, “committed”, “continue”, “ensure”, “expect”, “focus”, “opportunities”, “plan”, “position”, “protect”, “target” and “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: our expectations regarding the volatility of commodity prices and our ability to withstand an extended period of low oil prices; SORs expected to track lower as production increases; preserving the strength of our balance sheet; attaining long-term net debt level in the range of $5 billion or lower; uncertainty surrounding access to markets through new pipelines; opportunities to add value by finding new ways to get our products to new customers; working with industry partners to find innovative market-based solutions to refine more Canadian oil in Canada; delivering industry-leading safety performance through our focus on risk management and asset integrity; our four ESG focus areas and related targets and ambitions; COVID-19-related special measures and protocols to protect workers and our approach to increasing staffing levels in the office and at field sites. "In response to the sharp decline in oil prices in April, we quickly reduced production volumes at our oilsands operations while continuing to steam and store the mobilized oil in the reservoir,'' said Cenovus CEO Alex Pourbaix on a Thursday conference call. Barrels of Oil EquivalentNatural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six thousand cubic feet (Mcf) to one barrel (bbl).   Two research analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. And we’re ready to play a significant role in helping to lead Canada’s economic recovery.”. The Goodyear Tire & Rubber (NASDAQ:GT) Given New $11.00 Price Target at JPMorgan Chase & Co. American Axle & Manufact. To participate, please dial 888-231-8191 (toll-free in North America) or 647-427-7450 approximately 10 minutes prior to the conference call.

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