Cenovus Energy Inc. Company Profile

Company Overview:

Cenovus Energy Inc. is engaged in the business of developing, producing and marketing crude oil, natural gas liquids (NGLs) and natural gas in Canada with marketing activities and refining operations in the US and Canada.

In FY2016, the company’s average crude oil and NGLs production totaled approximately 205,860 barrels per day (bbls/d) and its average natural gas production was 394 million cubic feet (MMcf) per day. Cenovus’ refineries processed an average of 444,000 gross bbls/d feedstock into an average of 471,000 gross bbls/d of refined products.

The company operates through four reportable segments: refining and marketing; oil sands; conventional and corporate and eliminations. The refining and marketing segment is engaged in refining and marketing, transporting and selling, and refining crude oil into petroleum and chemical products.

Cenovus jointly owns two refineries in the US with the operator Phillips 66, an unrelated US public company. Through WRB, Cenovus has a 50% ownership interest in both the Wood River and Borger Refineries located in Roxana, Illinois and Borger, Texas respectively.

In FY2016, the company's refineries have a combined stated processing capacity of approximately 460,000 gross bbls/d of crude oil including heavy crude oil processing capability of up to 255,000 gross bbls/d. Cenovus' crude oil marketing group manages the marketing of crude oil for the company's upstream operations.

Moreover, Cenovus also manages the marketing of its natural gas, which is primarily sold to industrials, other producers and energy marketing companies. Cenovus' transportation group is engaged in accessing higher value markets and ensuring future market access.

The company's portfolio of transportation commitments includes feeder pipelines from its production areas to the Edmonton and Hardisty trade centers and major pipeline alternatives to markets downstream of these hubs. As of December 31, 2016, the refining and marketing segment recorded revenues of C$8,439 million ($6,594.2 million), a decrease of 4.2% compared to FY2015.

The oil sands segment includes the development and production of Cenovus' bitumen and natural gas in northeast Alberta. The bitumen assets at Foster Creek, Christina Lake and Narrows Lake as well as projects in the early stages of development, such as Grand Rapids and Telephone Lake. The Athabasca natural gas assets also form part of this segment. Some of the company’s operated oil sands properties are jointly owned with ConocoPhillips, an unrelated US public company.

The oil sands segment recorded revenues of C$2,920 million ($2,281.7 million) in FY2016, a decrease of 2.7% compared to FY2015. The conventional segment includes the development and production from conventional crude oil, NGLs and natural gas assets in Alberta and Saskatchewan, including the heavy oil assets at Pelican Lake.

This segment also includes the carbon dioxide (CO2) enhanced oil recovery project at Weyburn, and emerging tight oil assets in Alberta. Cenovus' conventional crude oil assets are located in Alberta and Saskatchewan. Cenovus holds interests in multiple zones in the Suffield, Grassland and Langevin areas in Alberta with a mix of medium and heavy crude oil production.

The conventional segment produced 56,165 bbls/d of crude oil and NGLs, and 377 million cubic feet per day (MMcf/d) of natural gas. This segment's total production was 118,999 barrels of oil equivalent per day (BOE/d). The conventional segment recorded revenues of C$1,128 million ($881.4 million) in FY2016, a decrease of 29.3% compared to FY2015.

The corporate and eliminations segment recorded negative revenues of C$353 million ($-275.8 million) in FY2016. The company's total proved plus probable reserves include 3,319 million barrels (MMbbls) of bitumen, 189 MMbbls of heavy oil, 145 MMbbls of light and medium oil and NGL's, and 864 billion cubic feet (Bcf) of natural gas and CBM during FY2016. Geographically, the US, Cenovus's largest geographical market, accounted for 49.7% of the total revenues in FY2016. Revenues from the US reached C$6,028 million ($4,710.3 million) in FY2016, a decrease of 11.4% compared to FY2015.

Canada accounted for 50.3% of the total revenues in FY2016. Revenues from Canada reached C$6,106 million ($4,771.2 million) in FY2016, a decrease of 2.5% compared to FY2015.

Scope of the Report

• About the Company - Historical Details, Current Ownership Structure and basic overview of Cenovus Energy Inc. in terms of revenue, net income, and operating income.
• Financials - Details about Cenovus Energy Inc. listing status, annual financial reports (for the past 5 years), key financial highlights and region wise and category wise breakdown of their net revenue.
• Products / Services - Listing of the company’s entire portfolio along with description of individual products / services providing a clear picture of their target audience.
• Company SWOT Analysis - Outlines Cenovus Energy Inc.’s strengths, weaknesses, and opportunities and threats facing the company.
• Recent Developments - Showcases Cenovus Energy Inc.’s recent developments including mergers, acquisitions, partnerships, collaborations, new product launches, investment and divestment plans.
• Strategic Evaluation - Provides an overview of Cenovus Energy Inc.’s corporate goals and strategic initiatives and evaluates their outcomes along with outlining any persisting legal issues and outlook of our in-house analyst panel on the particular company.
• Technology Landscape - Details how the company allocates its IT budget across the core areas of its business, CIO/CTO Profile, Key IT Initiatives and Deals undertaken buy the company at present along with outlook.

Key Questions Answered

• What domain does Cenovus Energy Inc. operate and what are key points about it?
• What is the product / service portfolio of Cenovus Energy Inc.?
• How has Cenovus Energy Inc. performed financially from the 2013?
• How does Cenovus Energy Inc. rank among its peers in terms of revenue and market share?
• What are Cenovus Energy Inc. strengths and weaknesses and what opportunities and threats does it face?
• What are Cenovus Energy Inc.’s main growth strategies and how successful has the company been at implementing them?
• What is the in-house technical capability of Cenovus Energy Inc.? Where does it procure / outsource it?

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