Cenovus Energy Inc CVE

Primary Symbol: T.CVE Alternate Symbol(s): 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.

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Cenovus Energy Inc > PSX CLOSING Los Angelis Refinery In 2025 MEANS - WCS In CA

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Comment by mrbbon Oct 17, 2024 11:07pm

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Post# 36271006

RE:RE:RE:PSX CLOSING Los Angelis Refinery In 2025 MEANS - WCS In CA

Yep, the Chinese, the Indians, and the Arabs are thanking California for its efforts to close refineries!

"Luckily, we have some sane people in Asia and the Middle East who were building refineries and above their capacity, realizing that in Europe and the United States, those refineries are going to close, so they can take their market share."

Anas Alhajji

mrbb wrote: Phillips 66 announced Wednesday it will close its 650-acre oil refinery complex near the Port of Los Angeles by the fourth quarter of 2025, days after Gov. Gavin Newsom (D) signed a new law regulating gas storage and refineries.

The writers warned that “leaving out the workforce with direct knowledge and insight into refinery operations and maintenance” could jeopardize the safety of their members.

Opponents of the law have said it could unintentionally raise overall gas prices and threaten the safety of workers by giving the state more oversight over refinery maintenance schedules. Some argued delaying necessary maintenance could lead to accidents.
Gavin Newsom signs bill to prevent fuel shortages and price spikes: What to know (thehill.com)

Basically the new law impose terms on how much inventory a refinery should carry before maintenance turnaround, how frequent to do turnaround, emergency or not, without any input from refinery operator, in the name of preventing price spike.