Morningstar

Morningstar, Inc.

Equity Bottom-Up

No moat Cenovus Energy reported first-quarter EBITDA of CAD 923 million, which slightly exceeded our expectations of CAD 912 million, but missed consensus expectations of CAD 993 million. Consensus was expecting higher realized prices from the company’s production. During the quarter, the company benefited from Alberta’s mandatory production curtailments and reported realized prices at Foster Creek and Christina Lake of CAD 52 per barrel and CAD 47.60/bbl, respectively. We see the price…

Cenovus Energy operates as an integrated oil company, focusing on oil sands development. Conventional crude oil, natural gas liquids, and natural gas production, coupled with refining operations, supplement the company’s core operations.Oil sands projects have long been characterized by high capital requirements and production costs, and Cenovus is not immune. Consequently, most expansion projects aren’t economical at $55 per barrel of West Texas Intermediate and struggle to compete with other…

Canada

Cenovus Energy Inc. operates as an oil and gas company. The Company focuses on production of integrated oils. Cenovus Energy serves clients in Canada.

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