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Cenovus Energy Inc T.CVE.WT


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

Energy Oil & Gas Integrated
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 > Nuttall Details
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Comment by JohnSPon Nov 26, 2022 11:56am
434 Views
Post# 35130628

RE:Nuttall Details

RE:Nuttall DetailsThanks, our largest position.

Eric's 24% free cash flor yield was at WTI=USD100.

RBC's latest Nov 23 forecast for CVE is FCF yield at current strip of 15% for 2022 and 19% for 2023 (lower number shares and lower debt interest payments).

CVE possibly at Net Debt floor of CAD4 bln at end of 2022, at which point their policy for Excess FCF (after BaseDiv, Acq/Div) goes to 100% directly to shareholders via buybacks and quarterly Variable Dividends.

Hard to think that 2023 will be 19% = current BaseDiv 1.7% + probably 0% buybacks* + 17.3% Variable Dividends.

* Historically CVE has not boughty back shares when price is > CAD25, and supsect share price will not go below that in 2023 (famous last words).

NOTE: Probably CVE raises BaseDiv, probably the Toledo acqusiition from BP will go ahead in 2023, possibly CVE will do another acquistion in 2023, all of which will change above numbers.
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