Senior management is really "knocking it out of the park" at CVE! Big Q3 loss is likely due to increased 2018 bonus accruals.
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Earnings were actually good. Have to add back the onerous office charge and the loss on pipestone sale, then adjust for taxes. Those events are not related to the quarter's performance. Folks are missing the true picture for the quarter.
Look at cash flow.
CVE 4 LIFE.
Same management who created the mess + new management (Downstream SVP, CEO and of course little z with no useful experience and yet there they are in their cushy leadership roles)......I’m impressed they didn’t lose more to be honest....
Yes there’s a lot out of our mgmts control for sure I will give you that. But the number of over the top bad decisions made by these guys on the leadership team is epic. I mean it’s the same guys still there that made all those bad decisions you think they all of a sudden will start making good ones. I think not.
Not to mention the ridiculous building lease expense for empty office space just so CVE didn't have to work under ECA.
You must be a class A ball l_cker if you don't think we're in this mess as a direct result of management. Did you see the numbers from our peers????
Bad decision after bad decision!
The hedges, the conventional sales, the sale of Pipestone for $625MM (resulting in an $800MM write-down) etc etc. At the top, you have D ownstreamers that don't know the first thing about running an upstream O&G company.
Husky $545M Q3 net income, Meg Energy $118M net income for Q3...........
Suncor $1,812M net income for Q3, CNRL $1,802M net income for Q3 and Encana $39M net income for Q3 2018.
You must be an id--t if you think you can pin this on senior management. Last I checked they don’t control differentials. I doubt any of our peers will fair any better. I am all for holding management accountable, but this is beyond their control.