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16 Pages

Cenovus Energy corporate report


Cenovus Energy corporate report

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 includes 2 file(s)

  • Cenovus Energy corporate report PDF - 409.27 KB 16 Pages, 7 Tables, 17 Figures
  • Cenovus Energy Corporate report.xls XLS - 2.86 MB

Description

The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Company report offers thought-provoking insight into corporate financial health, investment strategy and operational outlook supported by our proprietary asset data and energy research experts.

Widely used by both the energy and financial sectors, our report gives you a unique perspective on key strategic and financial challenges, as well as opportunities facing this oil and gas company.

Wood Mackenzie provides an independent evaluation and expert opinion on the operational performance, strategy and future of the world's top oil and gas companies. Our unique, objective analysis helps you understand, validate, compare and challenge market and corporate views so you can assess strategic opportunities.

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

In this report there are 24 tables or charts, including:

  • Executive summary
    • SWOT analysis
  • Executive summary
  • Valuation
    • WM NPV,10 price sensitivity vs. Cenovus Upstream EV
    • Benchmark: share price performance
    • Relative share price performance
    • Benchmark: market premium/discount
  • Financial health
    • 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)
  • Production
    • Reported historic and Wood Mackenzie forecast total production
    • Benchmark: CAGR 2017-2025
    • Cenovus: production by resource theme
  • Resources and reserves
    • Benchmark: reserves and resource detail
    • Benchmark: WoodMac reserve replacement rate (2010-2015)
  • Portfolio summary
    • Portfolio summary: Table 1
  • Economic assumptions
    • Base price assumptions (nominal terms)
    • Base price assumptions (nominal terms)
    • Base, high and low Brent (nominal terms)
    • High price assumptions
    • Low price assumptions
    • Value assumptions
    • Foreign exchange rate assumptions
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