cenovus hedging 2020
Cenovus shares trade under the symbol CVE, and are listed on the Toronto and New York stock exchanges. "When the market price for Western Canadian Select (bitumen-blend oil) increased almost 10-fold in June compared with April, we acted fast to ramp our oilsands production back up to take advantage of the improved pricing.''. 2 years ago. ET). This included a significant milestone by the Deep Basin conventional team, which achieved one year with zero recordable injuries. A number of other research analysts have also […] Cenovus is changing its hedging strategy. In response to a 45% drop in the average price of West Texas Intermediate (WTI), to US$16.70/bbl, and a more than 70% decline in the average price of WCS, to C$4.92/bbl in April compared with March of 2020, Cenovus took additional steps to preserve value and protect its balance sheet by proactively managing its oil sands volumes. Meritor (NYSE:MTOR) Given New $24.00 Price Target at JPMorgan Chase & Co. 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From the landscapes to the mountains to the…, Democrat Joe Biden's remark that he would “transition'' away from oil in the U.S. in favour of renewable energy drew…, An ambitious hydrogen project in western Australia that seeks to become the world’s largest renewable energy export facility got a…, © Glacier RIG Ltd., all rights reserved. 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. In early July, the company announced its first-ever shipment of oil sands crude to Irving Oil’s refinery in Saint John, New Brunswick. Company captures value by leveraging flexibility of its operations. Refining and marketingCenovus’s Wood River, Illinois and Borger, Texas refineries, which are co-owned with the operator, Phillips 66, had safe and reliable performance in the second quarter of 2020, while crude runs were affected by the economic slowdown due to COVID-19. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. During the second quarter, essentially all the inventory that Cenovus wrote down in March was sold, and the company realized the inventory write-downs. Video. 1 Adjusted funds flow, free funds flow and operating earnings/loss are non-GAAP measures. 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. Readers should not consider these measures in isolation or as a substitute for analysis of the company's results as reported under IFRS. The decrease in second-quarter operating costs from a year earlier was partially offset by higher fuel costs related to an increase in natural gas prices. For a description of Cenovus’s operations, refer to the Reportable Segments section of Management's Discussion and Analysis. The net loss was due to the lower operating earnings and unrealized risk management losses of $120 million, partially offset by non-operating unrealized foreign exchange gains of $273 million and a deferred income tax recovery of $131 million. In other Cenovus Energy news, Director Keith A.J. A number of other research analysts have also recently issued reports on the stock. "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. Readers are cautioned not to place undue reliance on forward-looking information as actual results may differ materially from those expressed or implied. We believe the flexibility of our assets and our low cost structure position us to withstand a continued period of low prices if necessary. 1:27. The company has a market capitalization of $6.22 billion and a P/E ratio of -3.59. In mid-March, the company moved to essential staffing levels at its field operations and directed the vast majority of its office staff to work from home. 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. Cenovus’s refining operating margin is calculated on a first-in, first-out (FIFO) inventory accounting basis. “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. At Christina Lake, the SOR was 2.1 in the second quarter, compared with 2.0 in the same period a year earlier. The company's Oil Sands segment develops and produces bitumen in northeast Alberta. 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. 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). “The pace of demand recovery will be influenced by a number of factors,'' he said, listing risks including a possible second wave of virus outbreaks, offset by government stimulus spending.

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