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Cenovus Energy corporate report

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Report summary

Cenovus has benefitted significantly from its modular project development strategy. It has allowed the company to react quickly to lower prices scaling back on spending and shelving planned phases at its oil sands projects. Achieving sustainable cost reductions has been a priority under the lower for longer price outlook with over Cdn$500 million of cost savings realised in 2016. The company's cash flow breakeven has reduced dramatically and is now in the region of US$60/bbl Brent over the next two years. With financial health now largely restored in 2017 Cenovus can start to accelerate growth by increasing investment.

What's included

This report contains

  • Document

    Cenovus Energy Corporate report.xls

    XLS 2.86 MB

  • Document

    Cenovus Energy corporate report

    PDF 413.99 KB

  • Document

    Cenovus Energy corporate report

    ZIP 1.00 MB

Table of contents

  • Other Cenovus Energy research
  • Executive summary
    • Strategy since oil prices collapsed
    • Strategic success factors
    • Options to free up capital
    • Risks to our outlook
  • Valuation
    • Financial health overview
    • Net debt and available liquidity
    • Production overview
    • Resources and reserves overview
  • Portfolio summary
  • Economic assumptions

Tables and charts

This report includes 24 images and tables including:

Images

  • WM NPV,10 price sensitivity vs. Cenovus Upstream EV
  • Benchmark: share price performance
  • Relative share price performance
  • Benchmark: market premium/discount
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)
  • Corporate cash flow evolution
  • Corporate cash flow breakeven evolution
  • Hedging volumes and average hedge price
  • Headroom for dividend increase
  • Net debt outlook
  • Benchmark: Gearing vs. WM cash flow breakeven Brent (2017)
  • Reported historic and Wood Mackenzie forecast total production
  • Benchmark: CAGR 2017-2025
  • Cenovus: production by resource theme
  • Benchmark: reserves and resource detail
  • Benchmark: WoodMac reserve replacement rate (2010-2015)

Tables

  • SWOT analysis
  • Portfolio summary: Table 1
  • Base price assumptions (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Value assumptions
  • Foreign exchange rate assumptions

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