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Cenovus Energy Inc T.CVE

Alternate Symbol(s):  CVE | CVE.WS | T.CVE.WT | T.CVE.PR.A | CNVEF | T.CVE.PR.B | T.CVE.PR.C | T.CVE.PR.E | T.CVE.PR.G

Cenovus Energy Inc. is a Canada-based integrated energy company. The Company has oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The Company's segments include Upstream, Downstream, and Corporate and Eliminations. Its Upstream segment includes Oil Sands, Conventional, and Offshore. Its Downstream segment consists of Canadian Manufacturing, and United States Manufacturing. The Company's upstream operations include oil sands projects in northern Alberta, thermal and conventional crude oil, natural gas and natural gas liquids (NGLs) projects across Western Canada, crude oil production offshore Newfoundland and Labrador and natural gas and NGLs production offshore China and Indonesia. The Company's downstream operations include upgrading and refining operations in Canada and the United States, and commercial fuel operations across Canada.


TSX:CVE - Post by User

Cenovus Energy Inc > RBC Foundation Report - CVE @ May 30, 2021
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Post by JohnSPon May 30, 2021 7:19pm
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Post# 33294603

RBC Foundation Report - CVE @ May 30, 2021

RBC Foundation Report - CVE @ May 30, 2021

Investment summary

We rate the common shares of Cenovus Energy Outperform.

• Merger with Husky. Cenovus Energy’s merger with Husky Energy via a share-exchange plan of arrangement is strategically sound in our eyes. On paper, the transaction fuses Husky’s diverse upstream/mid-stream/ downstream operations with Cenovus’ bitumen-weighted upstream portfolio. Strategically, the deal addresses Cenovus’ Achilles heel, which has been cash flow volatility. Under one roof, Cenovus-Husky becomes a more balanced integrated oil company with increased cash flow diversification.

• 2021 Budget. The company’s 2021 budget pointed towards mid-point production of 755,000 boe/d in the context of $2.3-$2.7 billion of capital spending. Embedded within this capital program is $520-$570 million pertaining to the Superior refinery rebuild, which is largely expected to be covered via insurance proceeds.

• Top Tier In-Situ Matters. Cenovus’ Christina Lake in-situ SAGD operations have the lowest steam-oil ratio (SOR) industry wide, with Foster Creek not far behind.

RBC Dominion Securities Inc. . Greg Pardy, CFA
(Head of Global Energy Research) (416) 842-7848 greg.pardy@rbccm.com

Outperform

TSX: CVE; CAD 9.83; NYSE: CVE

Price Target CAD 12.00


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