A data room is being prepared for Clearwater Deep Basin.
Cenovus looking to profit from the current high natural gas prices?
5 replies (most recent on top)
Petronas has poached several top tier professionals already but I’ve heard they took a hefty pay cut.
The assets are being turfed so the executive can pad their compensation. Q3 baby. Line up a little divestiture (which was a terrible acquisition in the first place. Wonder how many people had their personal bank accounts increased by a few hundred K with that one) and then sack a few people. Love the corrupt corporate life in Calgary.
It might be too late…AECO gas prices have dropped from $7-$8 earlier in 2022 to $3-$4 currently. There is definitely still some great upside to Natural Gas as most futures have a $4-$5 CDN$/GJ average through 2026…and it will likely go up as demand for North American gas increases. Cenovus needs to maintain what little diversification they have, and retain the Deep Basin Assets if they want to capitalize on the very strong natural gas outlook.
Clearwater makes money hand over fist at these commodity prices and has very low OPEX!!! It’s about time they sold something when they can get full value for it…unlike Pipestone or Wembley where they left many 100’s of Millions on the table.
Anyone familiar with PETRONAS?
Pay & Benefits.