Cenovus Energy Added to Best Ideas List: Potential For Best-in-Class Project Economics
We are adding 4-star stock Cenovus Energy to our Best Ideas list and raising our fair value estimate to $18 (CAD 23) from $14 (CAD 18). The company appears to have found a solution to the oil sands industry problem: high production costs and extensive capital requirements. Based on our analysis, solvent-aided process, or SAP, has the potential to eventually be the lowest-cost oil sands production, with most potential production having break-even prices around $45 per barrel of West Texas Interme...Canadian Natural Resources is an independent crude oil and natural gas exploration, development and production company. Co.'s exploration and production operations are focused in North America, largely in Western Canada; the U.K. portion of the North Sea; and CA'te d'Ivoire, Gabon, and South Africa in Offshore Africa. Co. had total proved reserves of 5.71 billion barrels of oil equivalent. Co.'s gross proved crude oil, bitumen (thermal oil), synthetic crude oil and natural gas liquids reserves totaled 4.70 billion barrels and its gross proved natural gas reserves totaled 6,106.00 billion cubic feet.
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