Looking for a partner at Narrows Lake and they’re putting two Deep Basin assets up for sale through BMO and TD.
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Would think the recent fatality in the news will not reflect well on the leader ultimately in charge of that function.
-4uvu, cases as you describe usually get corrected, but can take time. New CEO seems to have a pretty simple view of the CVE business, so would expect silos won't be tolerated. Re-engaging the workforce was cited as important in last earnings call, so any roadblocks would seem likely to be removed.
-4lqn Moral, frustration and drama would stop if he was gone. Silos would crumble. CVE employees and Contractors could focus on what's important and start repairing all the damage Big Z created.
-4rad, Possible CEO just taking time to draw knowledge? Sometimes, there is a pause before acting as the new CEO acclimates to the new company, gets the info needed before canning.
Nothings going to change with Big Z still in the picture.
Can’t blame the CEO. He’s just taking advice from the same losers that tanked ya to begin with!
Boy, the old management seemed to make some boo-boos. Good thing a new CEO and trimming of other former leaders. Maybe things will brighten going forward.
Part of the reason to develop Narrows Lake now is to offset a transportation commitment with IPL they signed in 2013 to ship bitumen and diluent volumes on their system. Basically, we pay for service even though there is no NL volumes to ship. Foolish idea much like the poorly conceived long term real estate deals we signed in Calgary.
Yeah, real insightful. How the heck will they get the oil out of there?
Wow, that's a real insightful analysis. Have to give it some thought rather than closing my mind right away. Thank you.
Seems to keep leverage for infrastructure off the balance sheet. CEO probably got the idea from prior industry. Similar to using a pipeline for transport rather than building your own. Puts straight cash flow back to the company after the "finance" cost of having an infrastructure partner. Very smart way to reduce capex, yet complete the project, get some cash flow. Can tell from the news what is going on because it's analogous to restaurants franchising rather than owning the restaurant. Basic finance. Very important to think from the standpoint of a shareholder to understand these things. 3 important things in finance: 1) get the cash, 2) get the cash, 3) get the cash.
Smart CEO, thinking outside the box; breaking the mold; protecting the balance sheet. Tough on CVE folks because it's a change; change is very tough. Really think it will work out well for folks that remain and open up to the new ideas.
Wow, finances must be even worse than they are letting on. I get selling Deep Basin but getting a new narrows lake partner? Wow, just wow
If you've got rays of sunshine coming out of your a-- regarding how wonderful CVE is, how about you share it on the CVE facebook page. This site is for people to complain and share the real face of life at cenovus..
That's the hand the new CEO was dealt. Everything that happened in the past is a sunk cost. The real question......do the current actions return the company to a better situation than when the new CEO took over? You folks still there and critical need to move on, find another employer or you will be absolutely miserable forever. Nothing will change your attitude because you already made up your mind to be negative by anchoring on the past.
Please do shareholders a favor and move on.
Good going... I rest my case about the management. Not that I needed this news, I think the stock price talks for itself. Where is that external communications person?
It is so funny if that is true. Doing anything to get out of bed with the FCCL partnership, and then just jumping into bed with another. Good ole spotted d--k must have travelled to their brains and now is affecting judgement, all going crazy like Capone..
I just can't seem to fathom how all members of the board and the SLT still have jobs? How can you take on massive, crushing debt to buy over priced assets only to turn around and try to sell them a year later. Something is just not right here...
Sell the assets, reduce the debt and then simply focus on getting cash out of the oil sands production stream. Sweet!
Smart CEO. Good move.