Cenovus' Upside Hinges on Pipeline Expansion
No-moat Cenovus Energy’s fourth-quarter upstream production averaged 432.7 thousand barrels of oil equivalent per day, down 13% sequentially and below our expectations. The lower-than-expected production was driven by voluntary curtailment of the company’s oil sands production, which we applaud amid the historical lows in heavy oil pricing. More important, Cenovus was able to reduce its production while maintaining its steam injection into its oil sands reservoirs. This process allowed the compa...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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