Cenovus Provides Risk Management Program Update

Source: www.gulfoilandgas.com 4/4/2022, Location: North America

Cenovus Energy Inc. is announcing the suspension of its crude oil price risk management activities related to West Texas Intermediate (WTI). Given the strength of Cenovus’s balance sheet and liquidity position, the company has determined these programs are no longer required to support financial resilience. Cenovus will remain well positioned to generate significant free funds flow over the long term. The company plans to announce on April 27, 2022 its first-quarter results, details on its plan for increasing shareholder returns and updated 2022 corporate guidance.

Realized losses on all risk management positions for the three months ending March 31, 2022 are expected to be about $970 million. Actual realizations for the first quarter of 2022 will be reported with Cenovus’s first-quarter results. Based on forward prices as of March 31, 2022, estimated realized losses on all risk management positions for the three months ending June 30, 2022 are currently expected to be about $410 million. Actual gains or losses resulting from these positions will depend on market prices or rates, as applicable, at the time each such position is settled. Cenovus plans to close the bulk of its outstanding crude oil price risk management positions related to WTI over the next two months and expects to have no significant financial exposure to these positions beyond the second quarter of 2022.


Norway >>  6/27/2022 - On commission from the PSA, DNV has conducted a study of robustness in maritime traffic monitoring and the use of new technologies.

Backgr...

United Kingdom >>  6/22/2022 - Forum Energy Technologies (FET) has successfully completed sea trials for its highly advanced submarine rescue vehicle (SRV) ahead of its deployment f...

France >>  6/16/2022 - Framatome, an international leader in nuclear energy, and Inria, the French national institute for research in digital science and technology announce...
Norway >>  6/14/2022 - The Petroleum Safety Authority Norway (PSA) has carried out an audit of Equinor focused on flange seals of the wrong material on the Gina Krog field. ...

Norway >>  6/13/2022 - We have issued an order to Maersk Drilling Norway AS (Maersk Drilling) after an audit of Maersk Drilling's management of information security risks fo...
United States >>  6/9/2022 - In the coming fiscal year beginning in September, the Railroad Commission will continue its strong work to improve transparency and build upon efforts...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.