Bullboard - Stock Discussion Forum Cenovus Energy Inc T.CVE.PR.B

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

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.... see more

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TSX:CVE - Post Discussion

Cenovus Energy Inc > CC: ANOTHER TOUGH QUARTER In the US REFINING SEGMENT

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Post by ztransforms173 on Oct 31, 2024 11:58am

CC: ANOTHER TOUGH QUARTER In the US REFINING SEGMENT

- LIMA Refinery TURNAROUND:

started: EARLY September

finished: just a few DAYS BEFORE the CC

- $ 210 million in FIFO accounting EXPENSE HEADWIND

- $ 100 million in MAINTENANCE CAPEX (mostly for the LIMA refinery)

- RIGHT THERE is a NEGATIVE $310 million in OPERATING MARGIN

- MAKING PROGRESS on refinery RELIABILITY & ASSET UTILIZATION but they are NOT THERE YET

* they DID some GOOD WORK on the Lima COKER

- as the REFINERY goes into a MAJOR TURNAROUND, they REPLACE the PROBLEMATIC UNITS

- they have also HIRED new senior management at the UNIT LEVEL to run the DOWNSTREAM OPERATIONS

- PLUS they are WORKING on CUTTING OPERATING COSTS & INCREASING MARGIN CAPTURE {moving more fuel products to the EASTERN US[PADD1] & Canada}

- it is a NASTY SURPRISE that BP & Husky Energy did NOT OPERATE these 100% owned US refineries at a PEAK OPTIMIZED PERFORMANCE that Cenovus Energy is ATTEMPTING to ATTAIN

z173

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