The King in the North: Cenovus Energy
Cenovus' stock has been under pressure, down 30% and underperforming its peers and oil prices by a wide margin since the announcement of its oil sands acquisition from ConocoPhillips in March. The market views the acquired assets as prohibitively high-cost and has responded negatively to the increased debt associated with the acquisition. However, we think the market is too narrowly focused on no-moat Cenovus' temporary increase in debt and continues to ignore the potential of the acquired asset...Husky Energy is engaged in the exploration, development and production of oil and natural gas. Co.'s operations are located in Canada and United States. As of Dec. 31, 2011, Co. had total proved oil and natural gas reserves of 1,172.4 million barrels of oil equivalent (Mmboe) gross (1,010.7 Mmboe net).
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