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Cenovus Energy Inc (CVE.TO)

CVE.TO on Toronto Stock Exchange

9.43CAD
18 Aug 2017
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Latest Key Developments (Source: Significant Developments)

Cenovus up as much as 6 pct after Reuters report on bids for assets
Friday, 4 Aug 2017 12:16pm EDT 

Aug 4 (Reuters) - Cenovus Energy Inc :Shares up as much as 6 percent after Reuters report on bids for Pelican Lake, Suffield assets.  Full Article

Cenovus says asset divestiture could exceed C$5 billion
Thursday, 27 Jul 2017 11:48am EDT 

July 27 (Reuters) - Cenovus Energy Inc :Chief Executive Ferguson says will announce sale agreement for Suffield and Pelican Lake assets in third quarter.Cenovus CEO Ferguson says will have update on sales of Weyburn and Palliser oil assets in fourth quarter.For new CEO, Cenovus says looking for candidate focused on cost and would carry on company's current plans.Says asset divestiture to cut debt for Conocophillips <<>> acquisition could exceed C$5 billion.  Full Article

Cenovus Reports Q2 EPS c$2.37
Thursday, 27 Jul 2017 06:00am EDT 

July 27 (Reuters) - Cenovus Energy Inc :Cenovus delivers strong second quarter performance.Q2 operating earnings per share c$0.36.Q2 earnings per share c$2.37.Q2 earnings per share view c$0.02 -- Thomson Reuters I/B/E/S.‍Reduced planned 2017 capital spending by approximately $200 million to $1.7 billion at midpoint​.In Q2, production averaged 153,953 bbls/d, a 97 pct increase from same period in 2016 for Christina Lake.Qtrly total oil and liquids production 333,664​ BBLS/D versus 198,080 BBLS/D last year.‍brian Ferguson will retire as president & chief executive officer and as a director of company on October 31, 2017​.Cenovus has updated its capital spending guidance for 2017.‍Ferguson will continue in an advisory role reporting to board chair until March 31, 2018​.‍Has engaged an executive search firm which is currently conducting a global search for a new chief executive officer​.Total planned capital expenditures have been reduced by approximately $200 million at midpoint of range for 2017.‍Production averaged 107,859 BBLS/D in Q2, 67 pct higher than in same period of 2016 for foster creek​.Qtrly ‍adjusted funds flow per share $0.71​.‍Cenovus continues to target between $4 billion and $5 billion in announced asset sale agreements during 2017​.  Full Article

Cenovus says progressing plan to divest non-core assets
Tuesday, 20 Jun 2017 06:00am EDT 

June 20 (Reuters) - Cenovus Energy Inc ::Cenovus - put forward five-year plan that co expects will generate 14% annualized free funds flow growth through 2021 at wti price of US$55 per barrel.Cenovus Energy Inc - progressing plan to divest non-core assets, targeting between $4 billion and $5 billion in announced sales agreements by end of year.Cenovus Energy Inc - company is now targeting to reach divestiture agreements by end of 2017 for its entire legacy conventional portfolio.Cenovus Energy Inc - combined, all of the assets are expected to produce approximately 112,000 barrels of oil equivalent per day (boe/d) in 2017.Cenovus Energy Inc - plan entails disciplined capital investment to maintain current oil sands production, add barrels from expansion phase g at Christina Lake.Cenovus Energy Inc - company expects five-year plan will increase production at a 6% compound annual growth rate and reduce its debt.Co now has approval from its board of directors to hedge up to 75% of forecast crude oil volumes this year and in 2018.Cenovus Energy Inc - also plans to achieve additional $1 billion cumulative capital, operating, general, administrative cost reductions over next 3 years.Cenovus Energy Inc - company now has approval from its board of directors to hedge up to 75% of forecast crude oil volumes this year and in 2018.Cenovus Energy Inc - expects to increase production at its best-in-class oil sands operations to more than 440,000 barrels per day (bbls/d) over next 5 yrs.  Full Article

Cenovus CEO Brian Ferguson to retire
Tuesday, 20 Jun 2017 06:00am EDT 

June 20 (Reuters) - Cenovus Energy Inc ::Cenovus president & Chief Executive Officer Brian Ferguson to retire.Cenovus Energy Inc - Brian Ferguson will be retiring as an officer and director of company on October 31, 2017.Says board will engage immediately in a broad global search for a new president & chief executive officer.Cenovus Energy Inc - following retirement at end of October, Ferguson will continue in transition advisor role reporting to board chair till March 31, 2018.  Full Article

Cenovus says completed purchase of ConocoPhillips Canada assets
Wednesday, 17 May 2017 05:00pm EDT 

May 17 (Reuters) - Cenovus Energy Inc :Says completed acquisition of ConocoPhillips <<>> western Canadian assets.  Full Article

No vote on Conocophillips deal because confidentiality -Cenovus
Wednesday, 26 Apr 2017 04:57pm EDT 

April 26 (Reuters) - Cenovus Energy Inc :Says has ability to cut deep basin spending to focus on oil sands.Chief Executive Brian Ferguson says new deep basin gas assets could be 'crown jewel' and 'absolutely core'.Chair Michael Grandin, asked why no shareholder vote on ConocoPhillips deal, says 'once in a lifetime' deal needed confidentiality.  Full Article

Cenovus says 'not worried' about recent complaint to regulator
Wednesday, 26 Apr 2017 11:57am EDT 

April 26 (Reuters) - Cenovus Energy Inc :Says in Q3 will have more information on Suffield and Pelican Lake asset sales.Says will have more information on other asset sales on investor day in June.Says does not expect ConocoPhillips to be long-term shareholder of it after recent deal, but mechanisms exist for "orderly" share sales.Says "absolutely not worried" about complaint to regulator about ConocoPhillips deal.  Full Article

Cenovus Energy Inc q1 earnings per share $0.25
Wednesday, 26 Apr 2017 06:00am EDT 

April 26 (Reuters) - Cenovus Energy Inc :Qtrly adjusted funds flow per share $0.39.Cenovus delivers strong first quarter operational performance.Qtrly operating loss per share $0.05.Says foster creek production averaged 80,866 bbls/d net in q1 of 2017, 33% more than in same period of 2016.Qtrly earnings per share $0.25.Says christina lake in q1, production averaged 100,635 bbls/d net, a 31% increase from same period in 2016.Cenovus energy inc - on track with plan to integrate deep basin assets and staff upon closing.Cenovus energy-since announcing agreement to purchase conocophillips assets, cenovus has made significant progress in executing its acquisition plan.Cenovus-To reduce debt related to conocophillips deal, co has been marketing pelican lake, suffield conventional assets with data rooms open to buyers.Cenovus energy inc - continued to achieve additional operating cost and sustaining capital reductions in q1 of 2017.Cenovus-Plans to sell a significant portion of its legacy conventional properties to help finance company's acquisition of deep basin and fccl assets.Cenovus energy inc - q1 total oil production 234,914 bbls/d versus 197,551 bbls/d.  Full Article

Cenovus achieves key acquisition financing milestones
Thursday, 6 Apr 2017 08:02pm EDT 

Cenovus Energy Inc : Cenovus achieves key acquisition financing milestones . Cenovus Energy Inc - acquisition is expected to close in Q2 of this year . Cenovus Energy - issuing common shares to conocophillips and intends to use portion of existing cash on hand and available credit facility capacity to help finance acquisition . Has fully committed bridge financing in place to manage timing differences in funding of transaction . Cenovus Energy Inc - on closing of acquisition, company anticipates having approximately $4 billion in remaining liquidity, including $1 billion in cash on hand . Cenovus Energy Inc - Cenovus expects to have capacity to generate 2018 free funds flow of approximately $500 million in a US$50 WTI price environment .As part of plan to deleverage, strengthen balance sheet t, co expects to make additional asset divestitures as required.  Full Article

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Canadian Natural among bidders for Cenovus' Pelican Lake: sources

TORONTO/CALGARY Cenovus Energy Inc has received separate bids from Canadian Natural Resources Ltd , ARC Financial Corp and others for a heavy oil project in Pelican Lake, Alberta, according to people familiar with the matter who told Reuters the project was valued at as much as C$1 billion ($796 million).