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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

Comment by JohnSPon Jul 26, 2021 2:22pm
176 Views
Post# 33605116

RE:RE:RE:Earnings this week

RE:RE:RE:Earnings this weekThanks for replies, longest position = CVE.TO.

Also RBC's Update with COO Jon McKenzie on Jun 29, 2021, Lttle dated but some good stuff: https://www.rbcinsight.com/WM/ResearchViewer/1924-611858-1/1654?docType=PDF&

Link may not work, so my summary:

1) "the company is on-track to achieve its interim target (Net Debt CAD10 bln) via organic free cash flow generation in the third or fourth-quarters of 2021" "Achievement of Cenovus’ interim net debt target opens the door to incremental flexibility and shareholder returns. This could include a normal course issuer bid aimed at mopping-up the ongoing disposition of Conoco’s 10.3% stake (208 million shares) in Cenovus (2Q 2021- end 2022)."

2) "Non-core asset dispositions could accelerate the pace at which Cenovus’ balance sheet deleverages" "The company mentioned that it is quite advanced on several (undisclosed) non-core dispositions, and still could potentially see hundreds of millions of proceeds in 2021."

3) "At current levels, Cenovus is trading at a discount debt- adjusted cash flow multiple of 3.8x (vs. our global integrated peer group avg. of 4.9x) in 2021, and an elevated free cash flow yield of 21% (vs. our peer group avg. of 15%)" "As a point of reference, our net asset value for Cenovus sits at $20.32 per share (under a long-term WTI price of US$55)."

4) "In our eyes, there is no company in our coverage group undergoing as favorable a rate of change as Cenovus."

5) Several synergies with Husky Assets.

6) "It would not surprise us to see Cenovus realign its downstream refining footprint over time away from 50% non-operated interests, which provide synthetic integration, towards complexes where it also has influence over pipelines and storage."

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