It was just announced that Cenovus mgmt lost almost a billion dollars in hedges in Q1 alone. How are they not fired? How does the CVE board not hold them accountable? Alex and Jon made such bad decisions and who wants to bet they are getting huge bonuses even while losing all this money!!! They lay us off for no reason but these duds can lose billions and nothing. Great CFO!! Glad I’m no longer working for these id--ts but it’s hard not to be bitter when they are so bad at their jobs and still get rewarded.
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Too much misinformation to Wade through here. Firstly, AP and JM weren’t even around when CVE bought ConocoPhillips Deep Basin and FCCL Assets. Second, there were no mass layoffs on April 12th, and if there were a few targeted layoffs, it was certainly nowhere near 400 as claimed here. Third, yes we are still drilling in multiple husky assets in the Deep Basin. Fourth, claiming this asset or that asset are up for sale is not a breaking story or news. Every asset is always up for sale…and any company is free to make on offer on any or all assets at any given time…it’s how this business and industry has always been.
We have a bunch of clowns. $1 billion would be a good reason to get a more experienced CFO.
As a shareholder, I question whether the decisions of management are not more detrimental then if the company was simply run on autopilot. Allow oil prices to do the work. Adding these management decisions cost me money and adding negative value.
I am also confused by Alex past strategy that he would not hedge. He did say a strong balance sheet negates the requirement to hedge.
I plan to write my letter to the chairman. Not pleased
The company still had a solid positive netback on the hedged production, just not as much if the production were not hedged. It’s a paper loss.
This is why AP always downplays the high commodity prices. This leadership team is honestly a comedic tragedy playing out. WCS over $100 per bbl. It must be making history and these clowns aren’t able to take advantage of it. Fire them all. Honestly. What a stupid company
Unfortunately asset sales are not in the cards. The Q1 results are slated for April 27th. Alex needs to take immediate action to save his position. That is why another 400 are slated for lay-off April 12th.
A rumour surfaced that the are selling off the Husky assets in Edson and GP to make up this big loss in hedging!! Can anyone confirm?? They are not drilling anymore on the Husky side only Cenovus side.. Very strange!!!
Try not to think about it too much. These donuts are still paying Conoco for the last deal. They had to pay Conoco when oil went over a certain price, like $60WTI or something like that. So not only did they over pay for really bad assets that almost sank the company, they are still paying for them 5 years later. That is finally up this May. How anyone in this mgmt keeps their jobs is beyond reason.
April 12 layoffs are to save-face with the investment community.
The consequences of having a Junior CFO. A seasoned professional would not let this happen!
Glad to see you got over being turfed!