Cenovus Energy reports 56% drop in quarterly profits on lower production
Cenovus Energy, a Canadian oil and natural gas producer, reported a 56% drop in its third-quarter profits on Thursday. This was due to lower commodity prices and a decrease in production volumes and throughput. Global Brent crude averaged $78,3 per barrel during the quarter reported, a drop of nearly 9% from a year ago, while Canadian gas prices plummeted to their lowest levels in over two years.
Coronavirus, Consolidation Taking Toll On Energy Jobs
Oil and gas companies worldwide are taking an axe to their employment rolls, shedding workers to survive what is expected to be a prolonged stretch of weak demand.Exxon Mobil Corp said it will cut its workforce by 15%, or about 14,000 people, along with oil majors Chevron Corp and Royal Dutch Shell Plc.All told, more than 400…
ConocoPhillips to Reverse Most Output Cuts by End of Q3
ConocoPhillips said on Thursday it expects production curtailments in the current quarter to be roughly half as much as last quarter and will restore most of its output by the end of September, after the oil and gas producer slashed about a third of its output in April as oil prices plunged 41%.The company restored part of its curtailed volumes earlier in June…
Cenovus Energy Sets Out to Slash Emissions
Canada's Cenovus Energy on Thursday unveiled plans to reduce per-barrel greenhouse gas emissions by 30% by the end of 2030, as the country's oil industry faces growing pressure from environmental activists.The Alberta-based integrated oil and gas company said it will spend an additional C$1.5 billion on businesses run by…
Partial Shutdown of Keystone Oil Pipeline
A shutdown of a portion of TransCanada Corp's Keystone oil pipeline will last a further "days not weeks," following a leak in Missouri last week, crude producer Cenovus Energy said on Wednesday.Citing a conversation with TransCanada, Cenovus executive vice-president of downstream, Keith Chiasson, said the pipeline company…
Cenovus Cuts 2019 Capital Budget
Canada's Cenovus Energy Inc said on Tuesday it would reduce its capital spending for 2019 by 4 percent amidst a broader turnaround plan following its highly criticized deal with ConocoPhillips.The company said it plans to invest between C$1.2 billion ($901.1 million) and C$1.4 billion in 2019, with the majority of the budget going to its Foster Creek and Christina Lake oil sands operations.($1 = C
Cenovus Expects to Spend $1.1 Bln in 2019
The chief executive of Cenovus Energy Inc said on Monday that he expects the company to invest some C$1.5 billion ($1.1 billion) in 2019, in line with 2018 capital spending, after the Alberta government's mandated oil output cuts boosted Canadian crude prices."My company will have a capital program that looks pretty similar to the program we had last year," Alex Pourbaix said in an interview.
Pucks and Pellets: Canada Eyes New Ways to Move Crude
Canada's biggest railroad says it is attracting interest from oil producers in its effort to move crude in solid, puck-like form, as clogged pipelines divert more oil to riskier rail transport.Congested pipelines have stranded much of Canada's crude in Alberta, driving discounts to record-high levels. Canadian heavy crude traded on Friday for less than one-third of the U.S.
US Judge Halts Keystone XL Oil Pipeline
A U.S. judge in Montana has halted construction of the Keystone XL pipeline designed to carry heavy crude oil from Canada to the United States, drawing a sharp rebuke on Friday from President Donald Trump.The ruling of a U.S. Court in Montana late on Thursday dealt a major setback to TransCanada Corp, whose stock dropped 2 percent in Toronto.
Cenovus Sees Crude Differentials to Ease Out by Mid-2019
Canadian oil and gas producer Cenovus Energy Inc expects the spread between Western Canadian Select (WCS) and U.S. benchmark Crude (WTI) to "significantly" ease out by mid 2019, Chief Executive Officer Alex Pourbaix said on a call.Cenovus also expects crude by rail to reach 300,000 barrels per day by the end of this year…
Canada Crude Differential Seen Staying High as Refiners Take Downtime
The discount on Canada's heavy crude, which reached a nearly five-year high this week, looks to remain elevated with pipelines strained and the refiners who buy it going offline for maintenance, industry officials say.Western Canada Select (WCS) oil traded on Tuesday for $34.15 per barrel less than West Texas Intermediate light oil…
Cenovus Energy Posts Q1 Loss as Shipping Deadlock Drags
Cenovus Energy Inc posted a first-quarter loss on Wednesday, hurt in part by maxed-out pipelines that hampered efforts to move crude to the United States and weighed on prices of Canadian heavy oil. The differential between Western Canada Select (WCS) and U.S. crude hit $25 in the first quarter ended March 31, much higher than the usual discount.
Cenovus hires McKenzie as CFO from Husky Energy
Canadian oil and gas producer Cenovus Energy Inc named Jon McKenzie as chief financial officer on Thursday, bringing in an oil industry veteran who most recently helped rival Husky Energy Inc rein in costs and strengthen its finances. McKenzie will replace Ivor Ruste, who will retire later this month. McKenzie joined Husky…
Canadian Railways in 'catch-22' over Crude Shipments
Canadian railway operators see a lucrative opportunity to transport more crude oil to the United States as a rise in output force producers to find new routes to its southern neighbor. However, their need for long-term contracts and the pressure to move a surplus of grains in the country is making it hard to cash-in on the prospect.
Cenovus Energy: Transportation Bottlenecks Impact Production
Canada's Cenovus Energy Inc said on Thursday it was running oil sands production below capacity and stockpiling excess oil due to trouble with exporting through maxed-out pipelines to the United States. The company forecast first-quarter production to double from a year earlier, but blamed transportation bottlenecks for reduced prices of its crude, compared to U.S. alternatives.
Price Rally Spells Fleeting Relief for Canadian Producers
Canadian heavy crude rallied to a two-month high relative to U.S. crude this week, offering some relief to oil producers in Alberta struggling with thin margins amid plentiful supply. The rally was likely to be short-lived, traders and analysts said, because output continues to grow without a corresponding increase in transportation capacity. Canada's crude typically trades at a discount to U.S.
Canada Oil Producers Fill Pipelines, Railroads
Canadian oil producers are running out of options to get crude to market as pipeline and rail capacity fills up, driving prices to four-year lows and increasing the risk of firms having to sell cheaply until at least late 2019. This will drive down the profit margins for the oil sands industry, already struggling to compete with cheaper and abundant supplies from U.S. shale.
Cenovus Energy to Slash More Jobs
Canadian oil sands company Cenovus Energy Inc said on Thursday it will cut an additional 15 percent of its workforce and lower operating expenses as new chief executive, Alex Pourbaix, works aggressively to cut costs and lower debt. Cenovus, which has been under investor pressure to justify its C$17 billion ($13.3 billion) deal to buy ConocoPhillips assets, brought in Pourbaix as CEO in November.
Cenovus Energy to Shed Pelican Lake Assets
Canada's Cenovus Energy Inc said on Tuesday it would sell its Pelican Lake heavy oil operations in Alberta for C$975 million ($786.92 million) and the oil company is also considering sale of other assets to reduce debt. Cenovus said the proceeds from the sale would be used to fund the acquisition of ConocoPhillips' assets, which it purchased for $13.3 billion in March.
Cenovus taps Pourbaix for CEO role
Canadian oil and gas producer Cenovus Energy on Monday named industry veteran Alex Pourbaix chief executive officer, effective Nov. Cenovus said in June it would replace Chief Executive Brian Ferguson after investors rejected Ferguson's rationale for expanding in Canada's high-cost oil sands. Pourbaix, who worked at TransCanada Corp for 27 years…
