You folks have done a good job, good work. It is unfortunate the pipeline situation occurred and the back-up in oil sands inventory is causing employment heartache. Yes, the company made some poor decisions, but it's broader than that. Canada cannot get its act together.
11 replies (most recent on top)
Years of mismanagement and inept leadership. World class assets are only good if they know how to manage them.....take a page from Husky and Suncor. Fire the Board and the CLT - that’s a good start.
I hope cenovus can survive given wcs price...
Let's see if our share price tanks lower than the WCS price per barrel!
Is it unfortunate? I for one do not feel bad for a company like CVE that has treated shareholders and their many laid-off employees so poorly over the years.
Maybe spinning off a company staffed by cast-off, misfit, problem management and executives from ECA wasn't such a great idea after all.
CVE has been trying to become an integrated company for years - Multiple refineries looked at, but never a viable bid made. SVP kept shooting the ideas down and instead led CVE down the path of overpriced assets with no means to get product to market and no chance of becoming more integrated. And he’s still in his nice cushy chair....he’s not the entire problem but if this guy is leading your strategy and you keep him in his job, then you deserve to be drowning.
Can blame a lot on the executive but the current situation is outside their control. as much as i don't want too, i have to agree with alpo. The differential is killing CVE and ANY COMPANY THAT IS NOT INTEGRATED. Suncor and husky are integrated, so the high differential helps them feed the upgraders with cheap cheap cheap oil. They don't care about the differential, it helps them. Upgraders are a non-royalty plant... meaning they pay no royalty on profit. Extraction is royalty plant but only pay royalty on profit. no profit = no royalty = screwed Albertans. If you thought it was ugly in Calgary the last few years, just watch. It has potential to get a lot worse
Almost down to the 52 week low for share price. Maybe crying to the government will help.
I guess the ex-director of shareholder relations or the new svp did a really good job selling the company and the COP deal to the poor shareholders.
Most of CVE's problems stem from ridiculously inept senior management and a lack of accountability. Why haven't the shareholders stepped up and demanded changes on the board and at the top!? Come to think of it, I can't figure out who would even want to own shares in CVE when there are hundreds of better options.
Sadly if the Conoco acquisition never happend our 1/2 share of production for FCCL would be fully hedged with our downstream assets.
That is true, However, well managed companies (Suncor, Husky) say there is no problem at all as they have reduced or eliminated the exposure to our Canadian pricing. I can not believe the major shareholders like Royal Bank have not stepped in and demanded changes to the top.