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CVE $4.11   View long term graphs

Cenovus Energy Inc.
Type
Public
Traded as TSX: CVE
NYSE: CVE
S&P/TSX 60 component
Industry Oil and Natural Gas
Founded 2009
Headquarters Calgary, Alberta, Canada
Key people
Alex Pourbaix (CEO),
Patrick D. Daniel (Board Chair)
Products Oil, Natural Gas
Revenue $20 billion CAD net before royalties (2015)
Number of employees
~3,500 (2016)
Website Cenovus.com

Cenovus Energy Inc. (pronounced se-nō-vus) is an integrated oil company headquartered in Calgary, Alberta.

Cenovus was formed on December 1, 2009 when Encana Corporation split into two distinct companies, with Cenovus becoming a focused integrated oil company. Some of Cenovus’s assets formerly belonged to PanCanadian Energy Corp. and Alberta Energy Company (AEC), the two Canadian oil and gas companies that merged to form Encana in 2002.

In March 2017, Cenovus reached an agreement to purchase ConocoPhillips’ 50% share of their FCCL oil sands projects, as well as most of their Deep Basin conventional assets in Alberta and British Columbia. That deal closed on May 17, 2017.

In June 2017, CEO Brian Ferguson announced his intention to retire. He was replaced on November 6, 2017 by Alex Pourbaix.

Cenovus is known for being a responsible developer of Canada’s oil sands, with an emphasis on innovation, safety and environmental stewardship. The company’s business strategy focuses on creating value through the development its oil sands assets, achieving predictable, reliable performance and maintaining financial resilience. Cenovus shares trade on the Toronto and New York stock exchanges under the symbol CVE.

Cenovus has two producing projects in the Alberta oil sands – Foster Creek and Christina Lake (Alberta). On May 17, 2017, Foster Creek and Christina Lake became 100 percent owned and operated by Cenovus.

Cenovus also has conventional oil and natural gas operations across Alberta and Saskatchewan, including the Weyburn oilfield in Saskatchewan, which is the largest CO2 enhanced oil recovery operation in Canada. It’s also the site of the largest geological greenhouse gas storage project in the world, with about 30 million tonnes of CO2 safely stored underground. This has been extensively studied by researchers as part of the International Energy Agency Greenhouse Gas Weyburn-Midale CO2 Monitoring and Storage Project.

In May 2017, Cenovus assumed ownership of ConocoPhillips’ Deep Basin assets in Alberta and British Columbia. This liquids-rich acquisition includes more than 3 million net acres of land. In September 2017, Cenovus announced it was selling its Pelican Lake operations, a conventional oil property, to Canadian Natural Resources, in part to help pay for the ConocoPhillips assets the company had acquired in May 2017. In October 2017, the company announced the sale of their southeastern Alberta oil and natural gas operations.

Cenovus has 50 percent ownership in two refineries in the United States: the Wood River Refinery (Illinois) and Borger, Texas refinery. Phillips 66 is the co-owner and operator.

Part of the Deep Basin acquisition included natural-gas processing facilities, many of which are now majority owned and operated by Cenovus. The plants process produced natural gas to make it pipeline-ready.

Cenovus owns a crude-by-rail loading facility near Edmonton, Alberta – the Bruderheim Energy Terminal. The company was recognized for its rail safety performance in 2016.

The primary technology Cenovus uses at its Foster Creek and Christina Lake projects is called steam-assisted gravity drainage (SAGD). Cenovus also applies different associated technologies to enhance the SAGD process, such as electric submersible pumps at Foster Creek and solvent aided process (SAP) at Christina Lake.

In 2011, the company began applying its blowdown boiler technology to improve the efficiency of water use at its oil sands operations. In 2013, Cenovus developed its SkyStrat™ drilling rig that allows an exploratory rig to be flown into remote areas by helicopter piece-by-piece, set up to drill a test well, dismantled and airlifted away. The process requires no roads, meaning little disturbance to the boreal forest. The company received an Environmental Performance award for the SkyStrat™ program.

Cenovus has been recognized for its efforts in environmental stewardship. The company continues to work at improving its environmental performance for air, land and water. Cenovus is focusing on reducing its impact on wildlife habitats particularly to help protect declining woodland caribou.

Cenovus is a member of Canada’s Oil Sands Innovation Alliance (COSIA).

Employees, suppliers, contractors and consultants are required to understand and work by the company’s policies and practices. There’s a strong emphasis on the importance of safe driving. Cenovus is an alcohol- and drug-free workplace.

Cenovus is an Imagine Canada Caring company. This means the company gives one percent of its pre-tax profits to charitable or non-profit organizations. Since 2009, the company has also invested $1.8 billion on goods and services supplied by Aboriginal businesses near its operations.

Cenovus provides housing for staff and other contract workers, commonly known as "camps", who work at their Christina Lake and Foster Creek projects and other locations in northern Alberta. A few of the bigger camps house up to 800 people when operations are at peak capacity. The camps employ housekeeping, kitchen, janitorial and technical support staff, as well as electricians and paramedics who work and live for a short time on-site as part of a shift rotation.

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q4 2020 2021-02-08 Future report Set alerts
Q3 2020 2020-10-26 Future report Set alerts
Q2 2020 2020-07-23 -0.34 -0.19
Q1 2020 2020-04-29 -0.97 -1.46
Q4 2019 2020-02-12 -0.13 0.09
Q3 2019 2019-10-31 0.23 0.15
Q2 2019 2019-07-25 0.22 1.45
Q1 2019 2019-04-24 0.06 0.09
Q4 2018 2019-02-13 -1.36 -1.10
Q3 2018 2018-10-31 -0.03 -0.20

Ratings

2016-07-13 Upgrade Barclays PLC Underweight to Overweight
2016-07-10 Reiterated Rating Credit Suisse Group AG Buy
2016-06-21 Reiterated Rating RBC Capital Outperform $23.00
2016-06-21 Reiterated Rating Royal Bank Of Canada Outperform $23.00
2016-06-13 Upgrade Morgan Stanley Equal Weight to Overweight
2016-06-08 Reiterated Rating Goldman Sachs Conviction-Buy
2016-06-08 Reiterated Rating Goldman Sachs Group Inc. Conviction-Buy
2016-05-01 Reiterated Rating TD Securities Buy $21.00 to $22.00
2016-05-01 Reiterated Rating National Bank Financial Outperform $19.00 to $22.00
2016-05-01 Reiterated Rating Barclays Underweight $19.00 to $20.00
2016-05-01 Reiterated Rating Barclays PLC Underweight $19.00 to $20.00
2016-04-28 Boost Price Target RBC Capital Outperform $22.00 to $23.00
2016-04-27 Reiterated Rating Goldman Sachs Buy
2016-03-21 Reiterated Rating Goldman Sachs Buy
2016-03-11 Upgrade Goldman Sachs Buy to Conviction-Buy $16.00
2016-02-16 Reiterated Rating TD Securities Buy $21.00 to $20.00
2016-02-14 Reiterated Rating BMO Capital Markets Market Perform $18.00
2016-02-11 Upgrade National Bank Financial Sector Perform to Outperform
2016-01-26 Downgrade Raymond James Outperform to Market Perform
2016-01-26 Upgrade Goldman Sachs Neutral to Buy
2016-01-26 Downgrade Raymond James Financial Inc. Outperform to Market Perform
2016-01-21 Upgrade Nomura Reduce to Neutral
2016-01-21 Upgrade Nomura Holdings Inc. Reduce to Neutral
2015-12-15 Reiterated Rating JPMorgan Chase & Co. Neutral $19.00 to $18.00
2015-12-15 Reiterated Rating FirstEnergy Capital Outperform $23.00 to $22.00
2015-12-14 Reiterated Rating RBC Capital Outperform $24.00
2015-11-30 Upgrade Goldman Sachs Sell to Neutral $14.00 to $16.00
2015-11-01 Reiterated Rating Scotiabank Sector Outperform $25.00
2015-11-01 Reiterated Rating National Bank Financial Sector Perform $22.00 to $23.00
2015-10-12 Downgrade Barclays Equal Weight to Underweight $23.00
2015-09-29 Lower Price Target Scotiabank $27.00 to $25.00
2015-09-16 Reiterated Rating Citigroup Inc. Neutral $21.00 to $19.00
2015-09-08 Reiterated Rating Raymond James Outperform $23.00 to $24.00
2015-08-21 Lower Price Target Societe Generale Hold $20.00 to $18.00
2015-08-04 Boost Price Target TD Securities Buy $25.00 to $27.00
2015-08-04 Boost Price Target Raymond James Outperform $22.00 to $23.00
2015-07-23 Upgrade Credit Suisse Neutral to Outperform
2015-07-23 Reiterated Rating Goldman Sachs Sell
2015-07-23 Upgrade Credit Suisse Group AG Neutral to Outperform
2015-07-21 Lower Price Target CIBC Sector Performer $26.00 to $23.00
2015-07-06 Lower Price Target Citigroup Inc. Neutral $23.00 to $21.00
2015-06-30 Upgrade Macquarie Neutral to Outperform
2015-06-29 Initiated Coverage Goldman Sachs Sell $15.00
2015-05-28 Reiterated Rating JPMorgan Chase & Co. Neutral $23.00 to $22.00
2015-05-07 Reiterated Rating Credit Suisse Neutral $22.00 to $23.00
2015-04-22 Initiated Coverage Nomura Reduce
2015-04-14 Initiated Coverage GMP Securities Hold
2015-04-09 Reiterated Rating Credit Suisse Neutral
2015-03-04 Upgrade TD Securities Hold to Buy
2015-03-03 Upgrade RBC Capital Sector Perform to Outperform
2015-02-13 Reiterated Rating Scotiabank Sector Outperform
2015-02-13 Downgrade Macquarie Outperform to Neutral
2015-02-13 Downgrade RBC Capital Outperform to Sector Perform
2015-01-26 Downgrade Bank of America Buy to Neutral
2015-01-26 Downgrade Bank of America Corp. Buy to Neutral
2015-01-22 Downgrade Citigroup Inc. Buy to Neutral
2015-01-13 Downgrade JPMorgan Chase & Co. Overweight to Neutral
2014-12-17 Downgrade FirstEnergy Capital Market Perform
2014-12-15 Downgrade BMO Capital Markets Outperform to Market Perform
2014-10-24 Reiterated Rating Scotiabank Sector Outperform
2014-10-24 Upgrade Macquarie Neutral to Outperform
2014-10-01 Reiterated Rating Citigroup Inc. Buy $39.00 to $37.00
2014-09-25 Downgrade Societe Generale Buy to Hold
2014-09-23 Initiated Coverage JPMorgan Chase & Co. Overweight
2014-09-16 Initiated Coverage AltaCorp Capital Sector Perform
2014-08-01 Boost Price Target TD Securities Hold C$35.00 to C$36.00
2014-07-25 Downgrade Barclays Overweight to Equal Weight
2014-07-17 Reiterated Rating CIBC Sector Perform $36.00 to $37.50
2014-07-08 Downgrade Cormark Buy to Market Perform
2014-05-02 Downgrade Macquarie Neutral
2014-05-01 Reiterated Rating Scotiabank Sector Outperform
2014-05-01 Downgrade National Bank Financial Outperform to Sector Perform
2014-04-29 Downgrade Global Hunter Securities Buy to Neutral $40.00 to $36.00
2014-04-29 Downgrade Seaport Global Securities Buy to Neutral $40.00 to $36.00
2014-03-19 Initiated Coverage Morgan Stanley Equal Weight
2014-03-18 Initiated Coverage CIBC Sector Perform
2014-03-12 Upgrade Cormark Market Perform to Buy
2014-02-14 Downgrade TD Securities Buy to Hold
2014-02-14 Downgrade Canaccord Genuity Buy to Hold
2014-02-03 Downgrade Scotiabank Focus List to Outperform
2013-12-13 Reiterated Rating Scotiabank Sector Outperform
2013-12-13 Reiterated Rating RBC Capital Outperform
2013-12-03 Initiated Coverage Raymond James Outperform $38.50
2013-12-03 Initiated Coverage Citigroup Inc. Buy $36.00
2013-10-25 Reiterated Rating Scotiabank Sector Outperform $40.00
2013-10-25 Boost Price Target RBC Capital Outperform $39.00 to $40.00
2013-10-25 Lower Price Target Global Hunter Securities Buy $44.00 to $42.00
2013-10-25 Lower Price Target Canaccord Genuity Buy $39.00
2013-10-25 Downgrade TD Securities Action Buy List to Buy $39.00 to $38.00
2013-10-11 Lower Price Target BMO Capital Markets $38.00 to $37.00
2013-09-24 Reiterated Rating Scotiabank Sector Outperform $40.00
2013-06-06 Initiated Global Hunter Securities Buy $44
2013-01-07 Reiterated BMO Capital Markets Outperform $46 to $45
2012-01-11 Initiated Stifel Nicolaus Hold
2011-11-30 Upgrade Barclays Capital Equal Weight to Overweight $40 to $42
2011-05-16 Upgrade RBC Capital Mkts Sector Perform to Outperform $42 to $42
2010-06-18 Reiterated RBC Capital Mkts Sector Perform $32 to $34
2010-05-28 Upgrade BMO Capital Markets Market Perform to Outperform
2010-04-19 Downgrade BMO Capital Markets Outperform to Market Perform
2010-02-22 Downgrade Canaccord Adams Buy to Hold $30 to $25.25
2010-02-12 Reiterated RBC Capital Mkts Sector Perform $30 to $31
2016-07-13 Upgrade Barclays PLC Underweight to Overweight
2016-07-10 Reiterated Rating Credit Suisse Group AG Buy
2016-06-21 Reiterated Rating RBC Capital Outperform $23.00
2016-06-21 Reiterated Rating Royal Bank Of Canada Outperform $23.00
2016-06-13 Upgrade Morgan Stanley Equal Weight to Overweight

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks

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