Latest news with #CenovusEnergyInc
Canada Standard
3 days ago
- Business
- Canada Standard
Cenovus the Latest Oil Company to Shut Production in Alberta Due to Wildfires
Some oilsands producers are removing workers and shutting production from their sites as wildfires rage in northeastern Alberta. Cenovus Energy Inc. said Sunday only essential personnel are left at its Christina Lake oilsands operations south of Fort McMurray, Alta. It began shutting down production from the steam-driven project on Thursday and about 238,000 barrels of oil a day are now off-line, reports The Canadian Press. "Based on the inspections the company has completed to date, it is not aware of any damage to its infrastructure and would anticipate a full restart of Christina Lake operations in the near term," the Calgary-based producer said in a release. So far, wildfires have shut in nearly 350,000 barrels per day of heavy crude production-about 7% of Canada's output, Bloomberg News reported. View our latest digests Canadian Natural Resources Ltd. said on Saturday that its Jackfish 1 site has been evacuated and that 36,500 barrels a day have been shut in. "All workers are safe and accounted for with no reported injuries and have been relocated to other facilities in our thermal in situ operations," the company said in a notice on its website. "Canadian Natural is working together with local authorities to ensure the safe and orderly movement of people through the area, including providing support for first responders and community members." MEG Energy has only critical operating staff on site at its Christina Lake operations. The fires caused an outage to a utility's power line connected to the site, but it's able to keep running its production thanks to cogeneration capabilities. The power outage has, however, delayed startup of a section of Christina Lake that had been down for maintenance. "The safety of our people and protection of our assets remain our top priorities, and there is no immediate risk to either," said chief executive Darlene Gates in a news release Saturday. "We are working closely with authorities and co-ordinating with our industry peers to support each other and resume normal operations." The Alberta government says there are currently 49 active wildfires in the province, half of which are out of control. So far, more than 4,800 square kilometres have burned. The fire affecting the oilsands operators, dubbed the Caribou Lake Fire, is estimated at 615 square kilometres and remains out of control as of Monday. Thousands have been forced from their homes across the Prairies as hot, dry conditions have helped flames quickly spread. This report by The Canadian Press was first published June 2, 2025. Source: The Energy Mix
Global News
4 days ago
- Business
- Global News
Cenovus shuts in oilsands production at Christina Lake operations because of wildfires
Cenovus Energy Inc. says only essential personnel are at its Christina Lake oilsands operations where it has shut production due to the wildfires in northern Alberta. The company says it began the work to shut in production at Christina Lake on May 29. Based on its inspections so far, Cenovus says it is not aware of any damage to its infrastructure and expects a full restart of its Christina Lake operations once it is safe. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy About 238,000 barrels per day of production have been impacted. It says it will provide an update when it's in a position to restart. Thousands of residents have been affected by wildfires in Manitoba, Saskatchewan and Alberta prompted by hot, dry weather that have allowed some fires to grow.
Winnipeg Free Press
08-05-2025
- Business
- Winnipeg Free Press
Cenovus Energy reports $859M Q1 profit, raises quarterly dividend
CALGARY – Cenovus Energy Inc. raised its dividend as it reported a first-quarter profit of $859 million, down from $1.18 billion a year ago. The oilands company says it will now pay a quarterly dividend of 20 cents per share, up from 18 cents per share. The increased payment came as Cenovus says its profit amounted to 47 cents per diluted share for the quarter ended March 31, down from 62 cents per diluted share a year earlier. Cenovus says its adjusted funds flow for the quarter totalled $2.21 billion or $1.21 per diluted for its latest quarter compared with $2.24 billion or $1.19 per diluted share a year ago. Revenue for the quarter amounted to $13.30 billion, up from $13.06 billion a year earlier. Total upstream production for the quarter was 818,900 barrels of oil equivalent per day, up from 800,900 boe/d in the same quarter last year. Total downstream crude throughput was 665,400 barrels per day, up from 655,200 barrels per day a year earlier. Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. This report by The Canadian Press was first published May 8, 2025. Companies in this story: (TSX:CVE)
San Francisco Chronicle
08-05-2025
- Business
- San Francisco Chronicle
Cenovus: Q1 Earnings Snapshot
CALGARY, Alberta (AP) — CALGARY, Alberta (AP) — Cenovus Energy Inc. (CVE) on Thursday reported profit of $598.3 million in its first quarter. On a per-share basis, the Calgary, Alberta-based company said it had net income of 32 cents. The oil company posted revenue of $9.26 billion in the period. _____
Yahoo
06-05-2025
- Business
- Yahoo
Is Cenovus Energy Inc. (CVE) The Best Stock Under $15 To Buy?
We recently compiled a list of the Best Stocks Under $15 to Buy According to Hedge Funds. In this article, we are going to take a look at where Cenovus Energy Inc. (NYSE:CVE) stands against the other stocks under $15 to buy. US stocks dropped on Monday, May 5, after President Trump threatened new tariffs to bring back concerns about a trade war. This ended a historic run of gains for the stock market. The S&P 500 dropped about 0.6% to break its longest winning streak in over 20 years. The Dow Jones Industrial Average dropped nearly 0.3% to also report its first loss in the last 10 sessions. The tech-heavy Nasdaq fell almost 0.8%. READ ALSO: 10 Most Profitable Cheap Stocks to Buy Now and 12 Best Stocks to Buy and Hold For 10 Years. The US dollar also lost value as Wall Street started questioning whether recent confidence about a possible trade deal with China was misplaced. Previously, investors were optimistic because of indications that the US and China might start talks about tariffs. Chinese officials had shown interest in reopening trade talks with Washington. However, no talks are set to begin anytime soon. Over the weekend, President Trump said that he has no plans to speak with China's President Xi this week, even though he said he wants a 'fair deal' with China. On Sunday, Trump took to social media and announced a new 100% tariff on movies produced outside the US. According to the President of the US, efforts to start the process would start right away, though he did not give many details about how it would work. Looking ahead, Wall Street has shifted its focus to the Federal Reserve's two-day policy meeting, which will start on Tuesday. It is expected that the Fed will keep interest rates the same for now, even though in recent weeks, President Trump has put pressure on its chair, Jerome Powell. New tariff threats by President Trump and risks of a trade war with China are causing uncertainty in the market. Methodology To compile our list of the 11 best stocks under $15 to buy according to hedge funds, we used the Finviz stock screener. We sorted our results based on market capitalization and picked the top 40 stocks with a share price of under $15 as of May 2, 2025. Next, we focused on the top 11 stocks most favored by institutional investors. Data for the hedge fund sentiment surrounding each stock was taken from Insider Monkey's Q4 2024 database of more than 1,000 elite hedge funds. Finally, the 11 best stocks under $15 to buy were ranked in ascending order based on the number of hedge funds holding stakes in them as of Q4 2024.
