Entering text into the input field will update the search result below

Cenovus Energy swings to Q3 profit on higher crude prices

Oct. 31, 2019 9:19 AM ETCenovus Energy Inc. (CVE) Stock, CVE:CA StockCVEBy: Carl Surran, SA News Editor15 Comments
  • Cenovus Energy (NYSE:CVE) +0.6% pre-market after swinging to a C$187 Q3 net profit compared with a net loss from continuing operations of C$242M in the year-earlier quarter, helped by higher crude prices due to government imposed production curbs.
  • CVE, which has benefited from a smaller discount on Canadian oil vs. U.S. oil, has been one of the most vocal supporters of the intervention by Alberta's provincial government.
  • Q3 total revenues fell 20% Y/Y to $4.7B from $5.9B in the same period a year ago, as upstream revenue was hurt by higher royalties and lower volumes; Q3 revenue from refining and marketing fell from a year ago due to lower refined product pricing.
  • CVE says its Q3 average realized crude sales price was C$54.94/bbl compared with C$49.38/bbl in the year-earlier quarter, partially due to higher crude-by-rail volumes, which resulted in increased sales to the U.S.
  • The company says it remains on track to reach crude-by-rail shipments of ~100K bbl/day by the end of 2019.
  • Q3 oil sands production fell 6% Y/Y to averaged 354.6K bbl/day, due to Alberta's curtailment program; based on mandated production volumes for Q4, the company forecasts bitumen and crude oil production will be a maximum of 366K bbl/day for the current quarter.
  • CVE says Q3 oil sands operating costs of $6.90/bbl were 21% lower than in Q2 and 24% below Q1 levels.

Recommended For You

Related Stocks

SymbolLast Price% Chg
CVE
--
CVE:CA
--