Cenovus Energy

Cenovus Energy, Inc. engages in provision of gas and oil. Its activities include development, production, and marketing of crude oil, natural gas liquids (NGLS), and natural gas in Canada. The firm operates through four segments: Oil Sands, Conventional, Refining & Marketing, and Corporate & Eliminations. The Oil sands segment includes the development and production of bitumen in northeast Alberta including Foster Creek, Christina Lake and Narrows Lake as well as projects in the early stages of development. The Conventional segment includes includes land primarily in the Elmworth-Wapiti, Kaybob-Edson, and Clearwater operating areas. The Refining and Marketing segment provides transportation and selling of crude oil, natural gas and NGLS. The Corporate and Eliminations segment includes unrealized gains and losses recorded on derivative financial instruments, divestiture of assets, as well as other administrative, financing activities and research costs. The company was founded in 1881 and is headquartered in Calgary, Canada.

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Cenovus Energy, Inc. is a Canadian-based integrated energy company, which engages in the provision of gas and oil. It operates through the following segments: Upstream, Downstream, and Corporate and Eliminations. The Upstream segment refers to operations of oil sands, conventional, and offshore. The Downstream segment operates the Canadian and U.S. refining. The Corporate and Eliminations segment includes the corporates costs for general and administrative. The company was founded in 1881 and is headquartered in Calgary, Canada.

CALGARY, Alberta, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) continued to deliver strong operational performance across the portfolio in the fourth quarter of 2023. The company's upstream assets performed exceptionally well, achieving the second-highest quarterly production rates in Cenovus's history. In its downstream business, the company continued to build operating momentum at its wholly-owned refineries. Upstream and downstream results were negatively impacted by a rapid decline in commodity prices and refinery crack spreads in the quarter. This was compounded by the cost of processing crude oil in the downstream that was purchased in prior periods at higher prices.

Cenovus announces fourth-quarter and full-year 2023 results

While decreased commodity prices are likely to have hurt Cenovus Energy's (CVE) Q4 earnings, higher production may have partially offset the negative.

What's in Store for Cenovus Energy (CVE) in Q4 Earnings?

CALGARY, Alberta, Feb. 09, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) will release its fourth-quarter and full-year 2023 results on Thursday, February 15. The news release will provide consolidated fourth-quarter and full-year operating and financial information. The company's quarterly and 2023 financial statements will be available on Cenovus's website, cenovus.com.

Cenovus to hold fourth-quarter, full-year 2023 results conference call and webcast February 15

Cenovus (CVE) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Earnings Preview: Cenovus Energy (CVE) Q4 Earnings Expected to Decline

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CVE, CMC and CUTR have been added to the Zacks Rank #5 (Strong Sell) List on January 23, 2023.

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To kickstart the creation of Duvernay Energy, Cenovus (CVE) will contribute $18 million and Athabasca will contribute $22 million in seed capital.

Cenovus (CVE) Creates Kaybob Duvernay JV With Athabasca

We had recommended Cenovus Energy's preferred shares for a lower-risk play on the company's credit. Those have outperformed the common shares by about 30% since then. We update our outlook on the common shares, and preferred shares and also look at the warrants.

Cenovus: Three Headwinds Explain The Underperformance

CALGARY, Alberta, Dec. 14, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its 2024 budget, delivering disciplined capital investment and balancing growth of the company's base business with meaningful shareholder returns. Continuing with the growth plan embarked on in 2023, Cenovus expects to invest capital of between $4.5 billion and $5.0 billion in 2024. This investment includes $1.5 billion to $2.0 billion of optimization and growth capital, primarily for progressing the West White Rose project as well as incrementally growing production at the Foster Creek, Christina Lake and Sunrise oil sands facilities. Additionally, Cenovus will implement further initiatives in its downstream business to improve reliability and increase margin capture as well as invest in opportunities in the Conventional business. Approximately $3.0 billion will be directed towards sustaining production and supporting continued safe and reliable operations.

Cenovus announces 2024 budget

Cenovus Energy Inc.'s strategy is beginning to show returns apparent to the market. The company has reduced exposure to dysfunctional partnerships and now has more cash available to repay debt and distribute to shareholders. The acquisition of refineries has allowed Cenovus to upgrade thermal production and avoid the risk of selling upstream production, leading to increased cash flow and margin improvement.

Cenovus Energy: Keeping The Original Strategy Going

Cenovus Energy Inc. stock has seen a 30% increase since June, peaking above $21 recently. The stock has trended down due to concerns over oil demand in 2024, but may present a buying opportunity. Analysts rate Cenovus Energy as a buy, with price targets ranging from $19.13 to $27.02, a potential 30% increase from current levels.

Cenovus Energy: The Waiting Is The Hardest Part

Higher contributions from the Oil Sands unit and lower expenses aid Cenovus' (CVE) earnings in Q3.

Cenovus (CVE) Shares Dip 1.2% Since Posting Q3 Earnings Results

Cenovus Energy is one of Canada's best energy stocks, with deep reserves, a strong balance sheet, and a plan to distribute 100% of its free cash flow to shareholders. The company's focus on buybacks is driven by its belief that the stock is undervalued, benefiting shareholders with potential for significant appreciation. Despite the volatility of energy stocks, accumulating Cenovus shares during dips could be a wise long-term investment strategy.

Canada's Best - Cenovus Is A Significantly Undervalued Buyback Powerhouse

The headline numbers for Cenovus (CVE) give insight into how the company performed in the quarter ended September 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

Cenovus (CVE) Q3 Earnings: How Key Metrics Compare to Wall Street Estimates

Canadian Natural Resources Ltd (CNQ) on Thursday posted third-quarter adjusted earnings per share (EPS) that exceeded analysts' expectations on record production that averaged 1.39 million oil-equivalent barrels per day.  The senior crude oil and natural gas production company said its adjusted EPS came in at C$2.59, surpassing the C$2.43 consensus estimate of 11 analysts polled by FactSet.

Cenovus Energy, CNQ shares higher on 3Q results

Cenovus Energy, Inc. (NYSE:CVE ) Q3 2023 Earnings Call Transcript November 2, 2023 10:00 AM ET Company Participants Jason Abbate - SVP, Investor Relations Jonathan McKenzie - President & CEO Kam Sandhar - EVP, Strategy & Corporate Development Keith Chiasson - EVP, Downstream Drew Zieglgansberger - EVP of Natural Gas & Technical Services Conference Call Participants Dennis Fong - CIBC Wealth Markets Neil Mehta - Goldman Sachs Group Menno Hulshof - TD Securities John Royall - JPMorgan Chase & Co. Greg Pardy - RBC Capital Markets Manav Gupta - UBS Operator Good day, ladies and gentlemen, and thank you for standing by. Welcome to Cenovus Energy's Third Quarter Results.

Cenovus Energy, Inc. (CVE) Q3 2023 Earnings Call Transcript

Canadian oil and gas firm Cenovus Energy's quarterly profit rose on Thursday, helped by strong demand for crude oil amid tight supplies and higher production.

Cenovus Energy's quarterly profit rises as production climbs

CALGARY, Alberta, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) delivered safe, reliable operations and strong financial performance in the third quarter of 2023. The company generated $2.7 billion in cash from operating activities, $3.4 billion in adjusted funds flow and $2.4 billion in free funds flow in the quarter. Total upstream production was 797,000 barrels of oil equivalent per day (BOE/d)1 and downstream throughput averaged over 664,000 barrels per day (bbls/d).

Cenovus announces 2023 third-quarter results

CALGARY, Alberta, Oct. 25, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSE: CVE) will release its third-quarter 2023 results on Thursday, November 2. The news release will provide consolidated third-quarter operating and financial information. The company's financial statements will be available on Cenovus's website, cenovus.com.

Cenovus to hold third-quarter conference call and webcast

Cenovus (CVE) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Cenovus Energy (CVE) Expected to Beat Earnings Estimates: Should You Buy?

Shares in Harland & Wolff Group (AIM:HARL) were winched up 15% to 13p after the Belfast shipbuilder said it has won a £61 million contract to upgrade the SeaRose floating production storage and offloading (FPSO) vessel. The Cenovus Energy, the Canadian oil giant, will deliver the FSPO vessel in in the first quarter of 2024, where is expected to remain in H&W's building dock for at least three months, with a peak of around 1,000 staff and contractors engaged in the work.

News for Cenovus Energy Stock (CVE)