Thursday, June 4, 2020

Cenovus Energy Inc News

Cenovus Cuts 2019 Capital Budget

Foster Creek oil sands project (Photo: Cenovus Energy)

Canada's Cenovus Energy Inc said on Tuesday it would reduce its capital spending for 2019 by 4 percent amidst a broader turnaround plan following its highly criticized deal with ConocoPhillips.The company said it plans to invest between C$1.2 billion ($901.1 million) and C$1.4 billion in 2019, with the majority of the budget going to its Foste

Cenovus Expects to Spend $1.1 Bln in 2019

(Photo: Cenovus Energy)

The chief executive of Cenovus Energy Inc said on Monday that he expects the company to invest some C$1.5 billion ($1.1 billion) in 2019, in line with 2018 capital spending, after the Alberta government's mandated oil output cuts boosted Canadian crude prices."My company will…

Cenovus Sees Crude Differentials to Ease Out by Mid-2019

Photo: Cenovus Energy Inc

Canadian oil and gas producer Cenovus Energy Inc expects the spread between Western Canadian Select (WCS) and U.S. benchmark Crude (WTI) to "significantly" ease out by mid 2019, Chief Executive Officer Alex Pourbaix said on a call.Cenovus also expects crude by rail to reach 300…

Canada Crude Differential Seen Staying High as Refiners Take Downtime

© Alex Lyubar / Adobe Stock

The discount on Canada's heavy crude, which reached a nearly five-year high this week, looks to remain elevated with pipelines strained and the refiners who buy it going offline for maintenance, industry officials say.Western Canada Select (WCS) oil traded on Tuesday for $34.15 per barrel less than West Texas Intermediate light oil…

Cenovus Energy Posts Q1 Loss as Shipping Deadlock Drags

File Image (CREDIT: AdobeStock / © Roger Asbury)

Cenovus Energy Inc posted a first-quarter loss on Wednesday, hurt in part by maxed-out pipelines that hampered efforts to move crude to the United States and weighed on prices of Canadian heavy oil. The differential between Western Canada Select (WCS) and U.S. crude hit $25 in the first quarter ended March 31…

Cenovus hires McKenzie as CFO from Husky Energy

Ivor Ruste, outgoing CFO at Cenovus Energy

Canadian oil and gas producer Cenovus Energy Inc named Jon McKenzie as chief financial officer on Thursday, bringing in an oil industry veteran who most recently helped rival Husky Energy Inc rein in costs and strengthen its finances. McKenzie will replace Ivor Ruste, who will retire later this month.

Cenovus Energy: Transportation Bottlenecks Impact Production

File Image (CREDIT: AdobeStock / (c) Pisotckii)

Canada's Cenovus Energy Inc said on Thursday it was running oil sands production below capacity and stockpiling excess oil due to trouble with exporting through maxed-out pipelines to the United States. The company forecast first-quarter production to double from a year earlier…

Cenovus Energy to Slash More Jobs

Canadian oil sands company Cenovus Energy Inc said on Thursday it will cut an additional 15 percent of its workforce and lower operating expenses as new chief executive, Alex Pourbaix, works aggressively to cut costs and lower debt. Cenovus, which has been under investor pressure…

Cenovus Energy to Shed Pelican Lake Assets

Canada's Cenovus Energy Inc said on Tuesday it would sell its Pelican Lake heavy oil operations in Alberta for C$975 million ($786.92 million) and the oil company is also considering sale of other assets to reduce debt. Cenovus said the proceeds from the sale would be used to fund the acquisition of ConocoPhillips' assets…

Conoco Deal Lifts Cenovus to Profit

Shares of oil producer Cenovus Energy Inc surged more than 6 percent on Thursday after the company reported a second-quarter profit, compared with a year-ago loss, helped by its purchase of ConocoPhillips' Canadian oil sands assets. Cenovus, which paid $13.3 billion in March to buy the assets…

ConocoPhillips Trims CapEx After Quarterly Loss

ConocoPhillips slashed its 2017 capital spending by 4 percent on Thursday, the latest U.S. oil and natural gas producer to do so in reaction to depressed crude prices. Conoco and its peers had mapped out ambitious capital spending programs for 2017 early in the year, expecting oil prices to be higher than where they are today…

Cenovus Facing Tough Market for Critical Asset Sales

Photo: Cenovus Energy

Cenovus Energy Inc's efforts to sell C$5 billion ($3.8 billion) of energy assets, already facing a rocky road because weak oil prices are depressing the appetite for deals, has become complicated by the surprise departure of its chief executive officer, fund managers said. Brian…

Cenovus Cuts Some Jobs as It Reviews Operations

Cenovus Energy Inc Chief Executive Brian Ferguson said on Tuesday that the company expects to cut some jobs as part of an effort to reduce costs by C$1 billion ($754 million). Ferguson disclosed the plan in a briefing with reporters, saying the company would make the cuts as it…

Cenovus to Face Investors as Shares Decline

Cenovus Energy Inc will seek on Tuesday to convince investors of the value of an unpopular acquisition this year amid continuing skepticism from shareholders. At an annual investor event in Toronto, Chief Executive Brian Ferguson is expected to unveil plans for asset sales to…

Canada Government, Industry to Collaborate on Clean Tech

The Canadian and Alberta governments and three energy companies said on Thursday they will spend C$70 million ($51.14 million) to develop three new clean technology projects, aimed at cutting costs and carbon emissions in the country's oil sands. Northern Alberta's vast oil sands…

ConocoPhillips to lay off 300 after Cenovus deal

ConocoPhillips will lay off 300 Canadian workers, mostly in the country's oil capital of Calgary, after selling most of its local assets to local producer Cenovus Energy Inc, the Houston-based company said on Thursday. The layoffs will occur by the middle of May, ConocoPhillips spokesman Rob Evans said.

ConocoPhillips Posts Profit on Asset Sale Gain

ConocoPhillips reported a quarterly profit on Tuesday, compared with a year-earlier loss, helped by a gain on its sale of oil sands and western Canadian natural gas assets to Cenovus Energy Inc. ConocoPhillips's results also reflected a slow but steady improvement across the industry as crude prices stabilize after a two-year rout…

Alberta Crude Oil Leak Came from Inter Pipeline System

A crude oil leak in central Alberta's Strathcona County on Friday afternoon came from Inter Pipeline Ltd's Cold Lake regional pipeline system, the company said in a statement on Monday. Calgary-based Inter Pipeline has isolated a segment of the pipeline near its Strathcona Terminal in Edmonton for repairs…

ConocoPhillips sells San Juan basin Assets

ConocoPhillips, the largest U.S. independent oil producer, said on Thursday it would sell natural gas-heavy assets in San Juan basin to privately held Hilcorp Energy Co for about $3 billion. ConocoPhillips has been selling assets to reduce its exposure to profit-sapping natural gas assets and shore up its balance sheet.

ConocoPhillips Sheds Canadian Oil & Gas Assets

ConocoPhillips on Wednesday agreed to sell oil sands and western Canadian natural gas assets to Cenovus Energy Inc for C$17.7 billion ($13.3 billion), making it the latest international oil major to pull back from a region where high costs and low crude prices have made it hard for large companies to make an acceptable return.