How??? How did you have a loss when oil is so high??? Unbelievable. I am at a loss for words. Your peers are laughing.
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Yes, market sets the price but bad leadership = bad financial decisions, bad reputation for attracting investors, unstable investment forecast. If you, me or Joe wants to invest 2 mil who would it be suncor or cenovus??? These investors choices of investment confidence will prompt market to set itself. There is a reason why cenovus stocks are cheeper then other companies stocks (similar operational size and capacity).
SUNCOR - " We delivered the best quarter of adjusted funds from operations of $3.1 billion. On a per share basis, this is $2.17 per share and exceeds our previous quarterly per share record which was set in Q1 of 2014 by 11%."
They burned down the refinery in wisconsin, probably that is the impairment
Ya I'm curious what the story is with the impairments. They blamed it on 3rd party pricing but I haven't seen others in the industry writing down their assets.
The question they got asked about the Phillips 66 JV being in the middle of a fall out was really interesting. You can tell they were caught off guard and didnt know that news was "out"
Refinery impairments. I would be ok with that if others were also booking refinery impairments. Another example of poor leadership and oversight.
CVE misses expectations of $280M. That’s all you need to know.
Cenovus (NYSE:CVE) posted disappointing earnings before the bell Tuesday, with a loss of $0.21 per share, against Street expectations for earnings of $0.39 per share. Although oil prices were up QoQ (WTI +~$7, WCS +~$5), realized prices in the oil sands business were only up ~$2. Paired with a number of other operating headwinds, free cash flow came in at $1.1b in Q4, down ~$600m from Q3. The dividend was unchanged.
Did you even read the media release? Now I’m laughing at you.