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Cenovus Energy corporate report

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07 August 2018

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.

Table of contents

  • Other Cenovus Energy research
  • Executive summary
    • Strategic overview
      • Debt reduction key
      • WCS differentials
      • Outlook with COP assets
        • What to do with the Deep Basin assets?
  • Portfolio summary
    • Wood Mackenzie base case valuation metrics
  • Investment
    • Wood Mackenzie base case production metrics
    • Wood Mackenzie base case reserve and resource metrics
    • Value assumptions
    • Foreign exchange rate assumptions

Tables and charts

This report includes 34 images and tables including:

  • SWOT analysis
  • Benchmarking: share price performance
  • Benchmark: enterprise value vs WM NPV10
  • Portfolio summary: Table 1
  • Forecast development expenditure (nominal)
  • Forecast operating expenditure (nominal)
  • Reported costs incurred
  • New project returns
  • Base price assumptions (nominal terms)
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Corporate breakeven (excl. downstream)
  • Net debt evolution
  • Upstream EV vs. upstream NPV10
  • Upstream portfolio sensitivities
  • Base case upstream NPV, 10
  • Current NPV, 10 vs NPV, 10 +5 years
  • WM forecast production
  • WM oil vs. gas production
  • WM oil production forecast
  • WM gas production forecast
  • Total reserves: WM commercial
  • Total reserves: reported vs. Wood Mackenzie (by region)
  • Oil reserves and resources: reported vs. Wood Mackenzie
  • Gas reserves and resources: reported vs. Wood Mackenzie
  • Economic assumptions: Table 4
  • Economic assumptions: Table 5
  • Company breakeven vs gearing ratios
  • Benchmark pricing
  • Cenovus Christina Lake netbacks
  • Production outlook
  • Deep basin asset sensitivities

What's included

This report contains:

  • Document

    Cenovus Energy corporate report

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    Cenovus Energy corporate report

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    Cenovus Energy.xlsx

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