Thread regarding Cenovus Energy layoffs

Cenovus recommends oilsands production cuts

“We are going to do our part but we are not going to carry the industry on our back,” Cenovus president and CEO Alex Pourbaix said on the company’s earnings call, adding that other oilsands producers would also need to reduce output.

Given CVE's track record I hardly think they are in a position to dictate what is right for all oilsands producers. If you can't compete with your peers then try to bring them down to your level of incompetence I guess.

Suncor, Imperial, CNRL, Husky, etc., should check to see what CVE is doing and then do the opposite. Chance of success....100%

by Anonymous
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Post ID: @OP+W2KU6BE
Comment! It's anonymous!

8 replies (most recent on top)

Q3 performance was actually quite good. Have to adjust for the onerous office building charge and the loss on sale because those are unrelated to the economics of the quarter. More interesting to figure out if the current situation will degrade that funds flow a bunch in Q4. That will depend how much they actually reservoir and avoid selling at low prices. Has to be a limit.

by Anonymous
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Post ID: @6osv+W2KU6BE

Help me! I can't make any money. ( Although everyone else can)

by Anonymous
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Post ID: @6icq+W2KU6BE

Shame on Alex. This is actually embarrassing.

by Anonymous
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Post ID: @6dvq+W2KU6BE

I see this morning that Cenovus has gone crying to the Provincial government to mandate production cuts across the industry. This could be the end of capitalism as we know it. Ayn Rand's "Altas Shrugged" anyone?

by Anonymous
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Post ID: @6pvf+W2KU6BE

Wtf are you talking about other companies carrying the load, we aren't OPEC. If we can't make cash on our incremental barrels but our competitors can, why should they shut in production.

by Anonymouskittykittyliklik
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Post ID: @6bcl+W2KU6BE

Duh... that's why CVE is dead last, we've been carrying the industry, ard for for too long I might add. Enough of he sacrifice, it's time the other companies chip in.

by Anonymous
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Post ID: @3nmk+W2KU6BE

Ummmm Alpo..... how exactly can the worst producer ( CVE) carry the other guys on its back? You’re dead last ...but hey whatever you need to tell yourself and your fishin buds

by Anonymous
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Post ID: @3xpw+W2KU6BE

CNRL and Athabasca Oilsands are shifting in production as well. It’s a smart move when you don’t have a full downstream hedge like Suncor and Husky do.

by Anonymous
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Post ID: @pto+W2KU6BE

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