Best Idea Cenovus Reduces Costs and Debt; Stock Is Still a Bargain
No-moat, Cenovus Energy’s fourth-quarter results showcased its low cost structure and reduced debt. The company reduced its oil sands operating costs by 5% from the prior year to CAD 8.40 per barrel, which was below our expectations. Oil sands sustaining capital costs were down 12% to CAD 6.35 per barrel, also below our expectations. Production from continuing operations averaged 480.5 mboe/d, which was in line with our expectations.The company took a big step toward its debt reduction, reducin...
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