Bullboard - Stock Discussion Forum 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.... see more

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TSX:CVE - Post Discussion

Cenovus Energy Inc > Operating Margins: UPSTREAM: +$3.1B; DOWNSTREAM: -$153M

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Post by ztransforms173 on Aug 01, 2024 8:39am

Operating Margins: UPSTREAM: +$3.1B; DOWNSTREAM: -$153M

Total operating margin³ was about $2.9 billion, compared with $3.2 billion in the previous quarter. Upstream operating margin⁴was approximately $3.1 billion, up from $2.6 billion in the first quarter. The company had a downstream operating margin⁴ shortfall of $153 million in the second quarter, compared with an operating margin of $560 million in the previous quarter as the Lloydminster Upgrader underwent a major planned turnaround. The turnaround was impacted by weather-related delays which resulted in additional costs due to lost productivity. The turnaround is now complete and the Upgrader has ramped up to full rates. Downstream operating margin was further impacted by narrower light-heavy crude oil differentials in addition to planned and unplanned outages. In the second quarter, operating margin in U.S. Refining benefited from approximately $80 million of first in, first out (FIFO) gains.

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