Last C$25.76 CAD
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Company Description

Contact Info

500 Centre Street S.E.

Suite 2600

Calgary, AB T2G 1A6

Canada

Phone: 403-766-2000

Fax:

Cenovus Energy Inc., an oil company, engages in the development, production, and marketing of crude oil, natural gas, and natural gas liquids (NGLs) in Canada with refining operations in the United States. Segments Oil Sands The Oil Sands segment includes the development and production of the company’s bitumen assets at Foster Creek, Christina Lake, and Narrows Lake, as well as in the early stages of development, such as Grand Rapids and Telephone Lake. The Athabasca natural gas assets also form part of this segment. Certain of the company’s operated oil sands properties, notably Foster Creek, Christina Lake and Narrows Lake, are jointly owned with ConocoPhillips, an unrelated U.S. public company. Oil Sands includes the company’s bitumen assets at Foster Creek, Christina Lake and Narrows Lake, as well as new resource play assets, including Grand Rapids and Telephone Lake, plus its Athabasca natural gas assets. Foster Creek, Christina Lake and Narrows Lake are jointly owned through FCCL with ConocoPhillips, an unrelated U.S. public company. Cenovus FCCL Ltd., the company’s wholly owned subsidiary, is the operator and managing partner of FCCL, and owns 50 percent of FCCL. FCCL has a management committee, which is composed of three Cenovus representatives and three ConocoPhillips representatives, with each company holding equal voting rights. As of December 31, 2013, the company held bitumen rights of approximately 1.4 million gross acres (1.1 million net acres) within the Athabasca and Cold Lake areas, as well as the exclusive rights to lease an additional 478,000 net acres on its behalf and/or its assignee’s behalf on the Cold Lake Air Weapons Range. Foster Creek The company has a 50 percent working interest in Foster Creek, an oil sands property situated on the Cold Lake Air Weapons Range in northeastern Alberta that uses SAGD technology and produces from the McMurray formation. It holds surface access rights from the Governments of Canada and Alberta and bitumen rights from the Government of Alberta for exploration, development and transportation from areas within the Cold Lake Air Weapons Range. In addition, it holds exclusive rights to lease various acres of bitumen rights in other areas on the Cold Lake Air Weapons Range on its behalf and/or its assignee’s behalf. In 2013, 30 wells using the company’s Wedge Well technology were drilled (2012 — no wells) at Foster Creek. At December 31, 2013 there were 65 gross producing wells of this type. The company operates an 80 megawatt natural gas-fired cogeneration facility in conjunction with the SAGD operation at Foster Creek. Christina Lake: The company has a 50 percent working interest in Christina Lake, an oil sands property in northeastern Alberta that uses SAGD technology and produces from the McMurray formation. In 2013, it drilled 11 wells (2012 — three wells) at Christina Lake using its Wedge Well technology and at December 31, 2013 there were 10 gross wells of this type producing. Narrows Lake: The company holds a 50 percent working interest in Narrows Lake, an oil sands property within the Christina Lake Region in northeastern Alberta. The project includes planned gross production capacity of 130,000 bbls/d of bitumen. New Resource Play Assets: The company’s new resource play assets include its emerging oil sands properties. Grand Rapids: The company’s 100 percent owned Grand Rapids property is located in the Greater Pelican Region in northeastern Alberta. In 2011, it filed a joint application and EIA for a commercial operation with production capacity of 180,000 bbls/d. Telephone Lake: The company’s 100 percent owned Telephone Lake property is located in the Borealis Region in northeastern Alberta. Other Assets The Steepbank and East McMurray properties are also located in the Borealis Region, southwest of Telephone Lake. In 2013, 50 gross stratigraphic wells were drilled. Athabasca Gas: The company produces natural gas from the Cold Lake Air Weapons Range and various surrounding landholdings located in northeastern Alberta and hold surface access and natural gas rights for exploration, development and transportati

 

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Valuation CVE Industry Range
Price/Earnings 17.6x
Price/Sales 1.0x
Price/Book 1.9x
Price/Cash Flow 6.6x
TEV/Sales 0.7x
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