Best Idea Cenovus Energy Misses Consensus Expectations, but Reports a Strong Quarter
No moat Cenovus Energy reported first-quarter EBITDA of CAD 923 million, which slightly exceeded our expectations of CAD 912 million, but missed consensus expectations of CAD 993 million. Consensus was expecting higher realized prices from the company’s production. During the quarter, the company benefited from Alberta’s mandatory production curtailments and reported realized prices at Foster Creek and Christina Lake of CAD 52 per barrel and CAD 47.60/bbl, respectively. We see the price realizat...Cenovus Energy is in the business of development, production and marketing of crude oil, natural gas and natural gas liquids ("NGLs") in Canada with refining operations in the U.S. Co. operates in two business segments: Upstream, which includes Co.'s development and production of crude oil, NGLs in Canada, is organized into two operations: Oil sands and conventional; and Refining and Marketing, which is focused on the refining of crude oil products into petroleum and chemical products at two refineries located in the U.S. This segment also markets Co.'s crude oil and natural gas, as well as third-party purchases and sales of product.
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