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cenovus 2019 revenue

“Through our focus on safe and reliable operations, cost leadership and capital discipline, we are generating strong results that support further debt reduction and increased shareholder value. © 2020 GlobeNewswire, Inc. All Rights Reserved. See here for a complete list of exchanges and delays. Company generates $622 million of free funds flow, maintains low cost structure. Each of the company logos represented herein are trademarks of Verizon Media; Microsoft Corporation; Nasdaq, Inc.; Dow Jones & Company; Forbes Media, LLC; Investor's Business Daily, Inc.; and Morningstar, Inc. Cenovus Energy Inc net profit margin for the three months ending June 30, 2020 was . 9 a.m. Mountain Time (11 a.m. Eastern Time). The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. Forward-looking information in this document is identified by words such as “anticipate”, “believe”, “can”, “capacity”, “committed”, “continue”, “driving”, “explore”, “focus”, “guidance”, “on track”, “outlook”, “plan”, “position”, “potential”, “priority”, “pursue”, “strategy”, “target”, “will”, or similar expressions and includes suggestions of future outcomes, including statements about: strategy and related milestones and schedules; projections for 2019 and future years and our plans and strategies to realize such projections; priorities and other statements relating to forecast capital discipline and investment, production guidance and debt reduction; ability to generate substantial cash flow, adjusted funds flow and free funds flow in the current commodity price environment; targeted reductions of net debt to $5 billion; the impact of the Alberta government mandated production curtailment; expected ramp-up of rail commitments; the planned timeline for ramping up oil-by-rail movement; pipeline capacity commitments; Christina Lake phase G expansion start-up flexibility; the potential value added by increased focus on environmental, social and governance (ESG) performance; sustainable annual dividend increases over the next five years and all statements related to the company’s updated 2019 Guidance. Experts have chosen 7 stocks out of 220 Zacks Rank #1 Strong Buys that have the highest potential to increase in price quickly amid the global health crisis. Cenovus Energy Inc (CVE) - free report >>. Oil sandsCenovus had an average realized crude oil sales price from its oil sands operations of $54.94/bbl in the third quarter of 2019 compared with $49.38/bbl in the same period a year earlier, partially due to higher crude-by-rail volumes, which resulted in increased sales to U.S. destinations and improved exposure to global oil pricing. Our Standards: The Thomson Reuters Trust Principles. Calgary-based Cenovus reduced its 2019 oil sands production guidance by 7 percent, reflecting the impact of the curtailments. The swing from a net loss to net earnings was largely driven by higher operating earnings in the third quarter of 2019 and a before-tax loss of $795 million ($526 million after-tax) recorded in the third quarter of 2018 on the divestiture of the Cenovus Pipestone Partnership. The company achieved higher third-quarter upstream operating netbacks, including realized risk management, compared to the year prior. These returns cover a period from January 1, 1988 through August 31, 2020. To participate, please dial 888-231-8191 (toll-free in North America) or 647-427-7450 approximately 10 minutes prior to the conference call. While Cenovus achieved stronger realized pricing in the third quarter of this year, upstream revenue was impacted by higher royalties and lower volumes. The second quarter included a planned turnaround that increased costs for repairs and maintenance, and also had higher energy costs. If you do not, click Cancel. Cenovus’s refining operating margin is calculated on a first-in, first-out (FIFO) inventory accounting basis. The company’s guidance can be found at under “Investors”. DividendAt its Investor Day on October 2, 2019, Cenovus announced a 25% dividend increase, with the Board of Directors declaring a dividend of $0.0625 per share for the fourth quarter, payable on December 31, 2019 to common shareholders of record as of December 13, 2019. Data for this Date Range ; June 30, 2020: 16.44B March 31, 2020: 20.17B Dec. 31, 2019: 21.35B Privacy Policy | No cost, no obligation to buy anything ever. This includes ongoing work to identify meaningful, practical targets and plans to achieve them for its four ESG focus areas: climate and GHG emissions, Indigenous engagement, land & wildlife, and water stewardship. This quarterly report represents an earnings surprise of 12.50%. Canada’s main oil-producing province Alberta ordered companies to cut output by 325,000 barrels per day (bpd), effective Jan. 1, 2019, to deal with pipeline bottlenecks that led to a glut of crude in storage and record price discounts. We use cookies to understand how you use our site and to improve your experience. Net profit margin can be defined as net Income as a portion of total sales revenue. Refining and marketing operating margin was $126 million in the third quarter, compared with operating margin of $436 million in the year-earlier period. the complete list of today's Zacks #1 Rank (Strong Buy) stocks here, A Peak Week for S&P 500 Earnings: Global Week Ahead, Coronavirus Cases Hit All-Time High: 5 Must-Buy Stocks, 7 Consumer Discretionary Stocks to Buy Ahead of Q3 Earnings, AWS 10/26: Europe Covid Cases Dampen World Markets. Revenue eBrief No. The decline in per-BOE operating costs was driven by lower third-party processing fees resulting from reduced throughput and increased use of Cenovus’s infrastructure. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Calgary-based Cenovus reduced its 2019 oil sands production guidance by 7 percent, reflecting the impact of the curtailments. This allows Cenovus to continue operating the reservoirs effectively, so it can efficiently manage volumes when mandatory curtailment is eased. Other third-quarter highlights include: “We’re continuing to do everything we said we would do,” said Alex Pourbaix, Cenovus President & Chief Executive Officer. A 45% year-over-year decrease in the differential between WTI and WCS prices to an average of US$12.24/bbl in the third quarter also contributed to the increase in average realized sales prices compared with the third quarter of 2018. Lower repairs and maintenance activity as well as reduced workforce and electrical costs also contributed to the overall decline in operating costs, partially offset by lower sales volumes. Cenovus continues to have flexibility on timing with its newly completed phase G expansion at Christina Lake and will consider ramping up incremental oil production once the company has clarity on market access and the duration of production curtailments. 222/19 Administration & Control of Tax Warehouses Manual; Part 2 - Breweries, … Cenovus, which accounts for 10 percent of Alberta’s total oil production, paid the province more than C$190 million ($141 million) in the first quarter of 2019, versus being owed C$30 million in royalties in the fourth quarter of last year. NYSE and AMEX data is at least 20 minutes delayed. With Cenovus’s net share of heavy processing capacity at its jointly owned Wood River and Borger refineries in the U.S. as well as existing pipeline and crude-by-rail commitments, the company is in a position to protect approximately 65% of its 2019 blended heavy oil production capacity against the impact of low Western Canadian Select (WCS) prices. Cenovus had third-quarter oil sands operating costs of $6.90/bbl, down $1.80 from $8.70/bbl in the second quarter and down $2.16 from $9.06/bbl in the first quarter of 2019. 225/19 Agents' Guide to the Collector General's Division. All quotes delayed a minimum of 15 minutes.

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