Cenovus' quarterly results were once again dominated by the US$13 billion ConocoPhillips acquisition. Production was up 116% year on year and good progress was made on the Cdn$4 to 5 billion divestment target. Gearing fell as sales proceeds were used to repay debt. There is still some work to do for the incoming CEO. Ongoing asset sales need to be completed and capital discipline will be required to ensure the enlarged portfolio delivers cash flow growth.