Cenovus Energy, Inc.

Cenovus Energy, Inc.

Cenovus Energy, Inc.

Overview
Date Founded

1881

Headquarters

225-6th Avenue SW,Suite 4100,Calgary, AB T2P 1N2

Type of Company

Public

Employees (Worldwide)

2,413

Industries

Oil & Gas
Other Business & Consulting Services
Power & Utilities

Company Description

Cenovus Energy, Inc. engages in provision of gas and oil. Its activities include development, production, and marketing of crude oil, natural gas liquids (NGLS), and natural gas in Canada. The firm operates through four segments: Oil Sands, Conventional, Refining & Marketing, and Corporate & Eliminations. The Oil sands segment includes the development and production of bitumen in northeast Alberta including Foster Creek, Christina Lake and Narrows Lake as well as projects in the early stages of development. The Conventional segment includes includes land primarily in the Elmworth-Wapiti, Kaybob-Edson, and Clearwater operating areas. The Refining and Marketing segment provides transportation and selling of crude oil, natural gas and NGLS. The Corporate and Eliminations segment includes unrealized gains and losses recorded on derivative financial instruments, divestiture of assets, as well as other administrative, financing activities and research costs. The company was founded in 1881 and is headquartered in Calgary, Canada.

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Executives & Employees

President & Chief Executive Officer

President & Chief Executive Officer

Executive Vice President & Chief Financial Officer

Executive Vice President & Chief Operating Officer

Senior Vice President, Legal, General Counsel & Corporate Secretary

Chief Sustainability Officer

Executive Vice President, Strategy & Corporate Development

Executive Vice President, Downstream

Executive Vice President, Corporate Services

Executive Vice President, Safety & Operations Technical Services

Board of Directors

Chairman at Nuvista Energy Ltd.

President & Chief Executive Officer at Cenovus Energy, Inc.

Group Co-Managing Director & Executive Director at CK Hutchison Holdings Ltd.

Chairman-Patrons Council at Alzheimer Society of Toronto

Former Director, President & Chief Executive Officer at Canadian National Railways

Group Finance Director, Deputy Managing Director, Executive Director at CK Hutchison Holdings Ltd.

Senior Advisor at Center for Strategic & International Studies, Inc.

Former President & Chief Executive Officer at TC Energy Corp.

Chairman & Chief Executive Officer at Amara International Investment Corp.

Principal at iRefine LLC

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Cenovus Energy, Inc.
Owners & Shareholders
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CP-IM uses a disciplined approach to select the appropriate projects which will provide the most attractive investment opportunities, with a continued focus on organic growth in volumes and margins through higher-margin oil, condensate and LNG projects and limited investment in North American natural gas. The firm continues to optimize their asset portfolio by focusing on assets which offer the highest returns and growth potential, while selling nonstrategic assets.

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Harris uses a value investment philosophy in selecting equity and equity-like securities of US and non-US issuers. The firm's investment philosophy spans across large, mid and small-cap companies. In addition, Harris may hedge a client’s exposure to direct or indirect foreign currencies. In constructing portfolios for their clients, the firm seeks out companies that they believe are trading in the market at significant discounts to their underlying value. Harris uses a bottom-up approach focused on individual companies, rather than focusing on specific economic factors or industries. They generate their research ideas from a variety of internal and external sources. The firm’s research process seeks to identify companies selling at a discount to its estimate of intrinsic value.

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LBA provides investment management services using an approach based on fundamental analysis, broad diversification, an international perspective, careful stock selection and low turnover. Their style is conservative and they do not short securities and do not trade in options or derivatives. The firm takes an enterprise value approach and they must be able to justify the price they pay using standard financial principles. Longer investment horizons are stressed when monitoring portfolio decisions. LBA tends to avoid securities with a lot of valuation risk or those that are too dependent on extraordinary future growth or improvements in profitability. Typically, the firm’s portfolios have lower P/Es and P/CF multiples, higher current yields, and higher EBITDA/TMV and REVENUES/TMV ratios.

Recent Transactions
Details Hidden

i3 Energy Plc purchases Cenovus Energy, Inc. /Petroleum & Infrastructure Assets from Cenovus Energy, Inc.

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Cenovus Energy, Inc. purchases Husky Energy, Inc.

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Nuvista Energy Ltd. purchases Cenovus Energy, Inc. /Pipestone Business from Cenovus Energy, Inc.

Transaction Advisors
Investment Advisor

Advised onOntario Teachers' Pension Plan Board, Natural Resource Group Canada Ltd. purchase Heritage Royalty LP from Cenovus Energy, Inc.

Underwriter

Advised onCenovus Energy, Inc. issued CAD Common Shares - Bought Deal

Legal Advisor

Advised onNuvista Energy Ltd. purchases Cenovus Energy, Inc. /Pipestone Business from Cenovus Energy, Inc.

Legal Advisor

Advised onCenovus Energy, Inc. issued CAD Common Stock

Legal Advisor

Advised onCenovus Energy, Inc. issued CAD Common Stock

Counsel

Advised onCenovus Energy, Inc. issued CAD Common Stock

Advisors & Consultants
Legal Advisor

Partner at Paul, Weiss, Rifkind, Wharton & Garrison LLP

Legal Advisor

Partner at Paul, Weiss, Rifkind, Wharton & Garrison LLP

Advisor

Former Executive Vice President, General Counsel & Corporate Secretary at Cenovus Energy, Inc.

Clients

Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products. It operates through the following segments: Refined Products, Crude Oil, and Marine Storage. The Refined Products segment consists of common carrier refined products pipeline system, independent terminals, and its ammonia pipeline system. The Crude Oil segment comprises of crude oil pipelines, splitter and storage facilities which are used for contract storage. The Marine Storage segment includes marine terminals located along coastal waterways. The company was founded in August 2000 and is headquartered in Tulsa, OK.

MEG Energy Corp. engages in the production of in situ thermal oil. Its projects include Cristina Lake and Surmont. The company was founded by William J. McCaffrey, Steve Turner and David J. Wizinsky on March 9, 1999 and is headquartered in Calgary, Canada.

PT Perusahaan Gas Negara Tbk engages in the distribution and transmission of natural gas. It operates through the following business segments: Gas commercial and Transmission, Exploration and Production of Oil and Gas, and Other Operations. The Gas commercial and Transmission segment is involved in commercial and transmission of gas and processing of LNG to industrial, commercial and household customers. The Exploration and Production of Oil and Gas segment explores, exploits, and develops business for oil and gas. The Other Operations segment provides fiber optic rental for network services and constructions and maintenance services to the customers and management and leasing buildings and equipment. The company was founded in May 13, 1965 and is headquartered in Jakarta, Indonesia.

Key Stats and Financials As of 2020
Market Capitalization
$16.8B
Total Enterprise Value
$14.2B
Earnings Per Share
$-1.49
EBITDAMargin
6.02%
Enterprise Value / Sales
1.4x
Enterprise Value EBITDAOperating
23.2x
TEVNet Income
-7.76x
Debt TEV
0.5x
Three Year Compounded Annual Growth Rate Of Revenue
-8.1%
Revenue
$10.2B
Total Debt
$7.19B
Total Equity
$12.9B
EBITDA
$614M
Net Profit
$-1.83B
Non-Profit Donations & Grants
Investments
Details Hidden

Veerum, Inc. develops artificial intelligence platform that predicts and resolves project issues. The digital twin platform creates a virtual replica of a physical project or environment that can be used to simulate, operate, and analyze, while also building a single source of actionable information to base decisions upon. The company was founded by Amit Varma, Scott Benesh and Steve Fisher in 2014 and is headquartered in Calgary, Canada.

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Svante, Inc. produces technologies for the energy and process industries. It offers technology services for capturing post-combustion carbon dioxide from industrial flue gas streams for use in CO2 enhanced oil recovery and carbon capture and storage. The company was founded by Andre Boulet, Darryl Wolanski, Brett Henkel and Soheil Khiavi in 2007 and is headquartered in Burnaby, Canada.

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General Fusion is developing nuclear fusion technology to generate cheap, safe and plentiful energy without greenhouse gas emissions, pollution, or radioactive waste. Nuclear fusion is a process in which hydrogen atoms are fused together to form helium. This reaction releases significant amounts of heat, which can be used to generate electricity using traditional steam turbines. The necessary isotopes of hydrogen can be extracted from seawater and derived from lithium, resulting in a ubiquitous sitsce of fuel and providing a nearly endless supply of clean energy.General Fusion's approach is based on "magnetized target fusion" concepts first developed about 30 years ago. This approach is a hybrid of traditional "magnetic fusion" and "inertial confinement fusion" methods, and involves first confining plasma in a magnetic field, and then compressing the confined plasma to thermonuclear conditions. General Fusion's patent-pending fusion technology involves the equipment needed to contain and compress the plasma, and the systems needed to manage the process. General Fusion is a Canadian venture capital-backed company led by a team of experienced physicists and technology development experts. They are working with government, institutional and industrial partners and consultants to develop a full-scale proof-of-concept fusion generator to demonstrate a net gain in energy within fits years something that traditional approaches have never achieved. Commercialization would take place before the end of the decade.

Investors
Details Hidden

Founder at Li Ka Shing Foundation Ltd.

Suppliers
Inter Pipeline Ltd. Power & Utilities | Calgary, Canada

Created in 1997, Inter Pipeline Fund is a major petroleum transportation, storage and natural gas liquids extraction business based in Calgary, Alberta, Canada. Inter Pipeline is a publicly traded limited partnership that owns and operates a diversified combination of energy infrastructure assets in western Canada, the United Kingdom, Denmark, Germany and Ireland. This asset portfolio generates long-term and predictable cash flows, thereby providing unitholders with a growing and stable source of monthly cash distributions. Inter Pipeline operates approximately 6,300 kilometres of petroleum pipelines and 4.8 million barrels of storage in western Canada. These systems transport approximately 990,000 barrels per day of oil sands bitumen and conventional crude oil in 2012, representing approximately 15% of total western Canadian conventional volumes and roughly 40% of oil sands volumes. Inter Pipeline is one of North America's largest natural gas liquids extraction businesses with ownership in three major extraction facilities located in southern Alberta. These facilities have the capacity to process 6.2 bcf/d of natural gas, and capacity to produce approximately 200,000 b/d of natural gas liquids. Inter Pipeline's NGL business currently processes approximately 40% of the natural gas exported from the province of Alberta. Inter Pipeline is one of North America's largest natural gas liquids extraction businesses with ownership in three major extraction facilities located in southern Alberta. These facilities have the capacity to process 6.2 bcf/d of natural gas, and capacity to produce approximately 200,000 b/d of natural gas liquids. Inter Pipeline's NGL business currently processes approximately 40% of the natural gas exported from the province of Alberta. Inter Pipeline's bulk liquid storage business segment is the fourth largest independent tank storage business in Europe. The bulk liquid storage segment operates through two wholly owned entities. Simon Storage Limited holds Inter Pipeline's storage operations in the United Kingdom, Ireland and Germany. Inter Pipeline's other European entity, Inter Terminals, holds bulk liquid storage assets in Denmark. Simon Storage is a recognized leader in the bulk liquid storage sector. Simon handles, blends and stores over 250 different products primarily comprised of petroleum, petrochemical and alternative fuels. Simon owns and operates eight bulk liquid storage terminals located on the coasts of the United Kingdom, Germany and Ireland with a combined liquid storage capacity of approximately eight million barrels. Other complementary services include facilities management and engineering services to several of the world's largest integrated energy companies. Inter Terminals operates four large terminals that are strategically located along the Danish Straits, the third most active petroleum transit channel in the world. The four terminals have a combined storage capacity of approximately 11 million barrels in 49 tanks. A variety of petroleum products are handled at the four terminals.

Pembina Pipeline Corp. Oil & Gas | Calgary, Canada

Pembina Pipeline Corp. engages in the provision of transportation and midstream services. It operates through the following segment: Pipelines, Facilities, Marketing and New Ventures, and Corporate. The Pipelines segment includes conventional, oil sands and transmission pipeline systems, crude oil storage and terminalling business and related infrastructure. The Facilities segment consists of processing and fractionation facilities and related infrastructure that delivers the firm's customers with natural gas and NGL services. The Marketing and New Ventures segment undertakes value-added commodity marketing activities including buying and selling products and optimizing storage opportunities. The company was founded on September 29, 1954 and is headquartered in Calgary, Canada.

GLJ Petroleum Consultants Ltd. Power & Utilities | Calgary, Canada

GLJ Petroleum Consultants Ltd. provides energy resource consulting services. It offers reserves and resources, asset transactions, scoping analysis, technical studies, risk and sensitivity analysis, expert witness, technical writing, and commodity price forecasts. The company was founded by Vic Kloepfer and Gary Last in 1972 and is headquartered in Calgary, Canada.

Competitors
Canadian Natural Resources Ltd. Oil & Gas - Calgary, Canada

Canadian Natural is one of the largest independent crude oil and natural gas producers in the world. The Company continually targets cost effective alternatives to develop our portfolio of projects and to deliver our defined growth plan, thereby creating value for shareholders. We have an effective and efficient, diversified combination of assets in North America, the North Sea and Offshore Africa, which enables us to generate significant value, even in challenging economic environments. Our balanced mix of natural gas, light oil, heavy oil, in situ oil sands production, oil sands mining and associated upgrading facilities, represents one of the strongest and most diverse asset portfolios of any energy producer in the world. Our financial discipline, commitment to a strong balance sheet, and capacity to internally generate cash flows provide us the means to grow our company in the long term

Hess Corp. Oil & Gas - New York, NY

Hess Corp is an exploration and production company, which engages in exploration, development, production, transportation, purchase & sale of crude oil, natural gas liquids and natural gas with production operations. It operates through the following segments: Exploration and Production and Midstream. The Exploration and Production segment explores for, develops, produces, purchases and sells crude oil, natural gas liquids and natural gas. The Midstream segment provides fee-based services including crude oil and natural gas gathering, processing of natural gas and the fractionation of natural gas liquids, transportation of crude oil by rail car, terminaling and loading crude oil and natural gas liquids, and the storage and terminaling of propane, primarily in the Bakken shale play of North Dakota. The company was founded by Leon Hess in 1920 and is headquartered in New York, NY.

ConocoPhillips Oil & Gas - Houston, TX

ConocoPhillips engages in the exploration, production, transportation and marketing of crude oil, bitumen, natural gas, natural gas liquids, and liquefied natural gas on a worldwide basis. It operates through the following geographical segments: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; Asia Pacific; and Other International. The Alaska segment primarily explores for produces, transports and markets crude oil, natural gas and natural gas liquids. The Lower 48 segment consists of operations in the U.S. and the Gulf of Mexico. The Canada segment is comprised of oil sands development in the Athabasca Region of northeastern Alberta and a liquids-rich unconventional play in western Canada. The Europe, Middle East and North Africa segment consists of operations and exploration activities in Norway, the United Kingdom and Libya. The Asia Pacific segment has explorations and product operations in China, Indonesia, Malaysia and Australia. The Other International segment handles exploration activities in Columbia and Argentina. The company was founded in 1875 and is headquartered in Houston, TX.

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