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Cenovus Energy Inc (CVE)

CVE on New York Consolidated

9.21USD
25 May 2017
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Latest Key Developments (Source: Significant Developments)

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

Cenovus prices $2.9 billion offering of senior notes
Tuesday, 4 Apr 2017 05:41pm EDT 

Cenovus Energy Inc : Cenovus prices US$2.9 billion offering of senior notes . Cenovus Energy Inc - Offering is part of co's previously announced financing plan to fund purchase of assets in Western Canada from ConocoPhillips .Cenovus Energy Inc - Offering is expected to close on or about April 7, 2017.  Full Article

Canada energy minister says Cenovus-Conocophillips deal is a market decision
Thursday, 30 Mar 2017 11:11am EDT 

Cenovus Energy Inc : Canada energy minister, pressed on Cenovus-Conocophillips deal, says "these are market decisions" . Canada energy minister says Cenovus-Conocophillips deal shows Canadian investors giving vote of confidence to Alberta Further company coverage: [CVE.TO] (Reporting by David Ljunggren) ((david.ljunggren@thomsonreuters.com;)).  Full Article

Canada's Cenovus to review dividends after buying ConocoPhillips assets
Wednesday, 29 Mar 2017 05:17pm EDT 

Cenovus Energy Inc :Says will review dividends, after acquisition of ConocoPhillips Co assets in Canada.  Full Article

Cenovus to buy ConocoPhillips' 50 pct interest in FCCL partnership for $17.7 bln
Wednesday, 29 Mar 2017 04:29pm EDT 

Cenovus Energy Inc : Cenovus to double production and reserves in Canada . Cenovus Energy Inc - agreed to acquire ConocoPhillips' 50% interest in FCCL partnership . Cenovus Energy Inc - total consideration for purchase is $17.7 billion . Cenovus Energy Inc says Cenovus is also purchasing majority of Conocophillips' deep basin conventional assets in Alberta and British Columbia . Cenovus Energy Inc- acquisition is immediately accretive to key metrics . Cenovus Energy Inc - in 2017, Cenovus intends to spend approximately $170 million on acquired deep basin assets . As part of transaction, Cenovus has also agreed, in certain circumstances, to make contingent payments to ConocoPhillips . Cenovus Energy Inc - cash component of deal is fully financed with a portion of cash on hand, existing credit facility capacity and committed bridge loans . Cenovus Energy Inc - total consideration includes $14.1 billion in cash and 208 million Cenovus common shares . Cenovus Energy - concurrent with acquisition, Cenovus has launched a bought-deal offering of common shares for expected gross proceeds of about $3 billion . Intends to divest significant portion of legacy conventional assets to help fund transaction . Cenovus Energy Inc says in 2017, Cenovus intends to spend approximately $170 million on acquired deep basin assets . Cenovus energy inc says expects to retain key deep basin technical operating and business staff as part of acquisition.  Full Article

ConocoPhillips to sell Foster Creek Christina Lake Partnership interest, Western Canada Deep Basin Gas assets to Cenovus for $13.3 bln
Wednesday, 29 Mar 2017 04:14pm EDT 

ConocoPhillips : ConocoPhillips announces sale of Foster Creek Christina Lake partnership interest and Western Canada deep basin gas assets to Cenovus for $13.3 billion; significant transaction accelerates value proposition . ConocoPhillips - cash portion of proceeds will be used to reduce debt to $20 billion in 2017 and double existing share repurchase authorization to $6 billion . ConocoPhillips- also intends to triple its planned 2017 buybacks from $1 billion to $3 billion, with remaining $3 billion allocated to 2018 and 2019 . ConocoPhillips - disposed assets had a net book value of approximately $10.9 billion as of Dec. 31, 2016 . ConocoPhillips - ConocoPhillips Canada will retain its operated 50 percent interest in Surmont Oil Sands joint venture . ConocoPhillips - ConocoPhillips Canada will retain its operated 100 percent Blueberry-Montney unconventional acreage position . ConocoPhillips- full-year estimated 2017 production and operating expenses associated with assets being sold is $0.4 billion . ConocoPhillips- company does not expect any change to 2017 capital expenditures .ConocoPhillips - expects to recognize a financial tax accounting benefit of approximately $1 billion in Q1 of 2017.  Full Article

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