Rail to the Rescue: Cenovus' Stock Responds, but Plenty of Upside Remains
Best Idea Cenovus Energy announced that it intends to utilize rail to move its production by the end of the second quarter, which will mitigate exposure to the heavy oil discount. The heavy oil discount took its toll on Cenovus’ first-quarter netbacks. Despite crude prices that were up 14% from the previous quarter, price realizations were down 20% and 30% at Foster Creek and Christina Lake, respectively.Despite lower price realizations, we are maintaining our CAD 21 fair value estimate and ra...
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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