RE:RE:RE:RE:Irving Oil purchasing Cenovus Oil CVE has a modest upstream growth built into their model. The narrative in the industry is to just run these long life assets and throw off cashflow. Lets face it, the heavy oil industry cannot sustain a high growth rate given there is a slow structural change happening.
As for their record, they are an excellent upstream operator, particularily in their organic growth. The Husky deal had lots of synergies for CVE, but the downstream assets have taken a lot of time and capital to bring up to speed and CVE's best upstream assets are the ones they had before the Husky deal.
CVE has a lot of potential to grow organically should they choose to. Management doesn't need to pivot on their guidance and make another deal for debt or stock. It would not be well received. The huge and dated Irving refinery has been for sale for a long time with no takers...