Best Idea Cenovus Looks to Mitigate the Heavy Oil Discount; Stock Is Trading at a Deep Discount
Best Idea Cenovus Energy announced that first-quarter oil sands production has been operating at lower levels with the widening of the heavy oil discount, which has averaged nearly $27 per barrel. Management now expects first-quarter production of 350 thousand to 360 thousand barrels of oil per day but reiterated that it expects to meet its 2018 annual target of 364-382 mbbl/d. Consequently, we are lowering our 2018 oil sands production forecast to 367 mbbl/d from our previous forecast of 376 mb...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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