Just when we expected that we were in for a smoother ride the Q3 results painted a diferent picture. The sad thing is that these circumstances are not likely to change any time soon and the oil market will not stay at this level forever. Hope that this situation doesn’t produce any cuts or reorgs.
https://seekingalpha.com/article/4223556-cenovus-suffering-wcs-discount
CVE didn’t hedge when prices and differentials were favourable. We are not a pipeline company that charges tolls or a fully integrated company which has natural hedges. Our livelihoods depend on oil prices and we look at the forward curves just like everyone else. The free cash flow will be extraordinary - said leadership a few months ago. Now blowout differentials have no end in sight.
No problem - just lay-off some more staff to save pennies a barrel when we decided to make this company less integrated and p--poo hedging - costing us $20+ dollars per barrel.
This is what it looks like when a company isn’t integrated and can’t weather the storms. EVP and VP who tried in vain to make that happen are both gone....and the same band of unintelligents are driving strategy.....Suncor and Husky are well protected. Yeah AlPo - you look like a Turd begging the government to help you. Stick to fishing.....we need a real CEO and leadership team
Odd they haven’t instituted a hiring freeze yet. I’ve never seen so many internal postings.
If you don’t think lay offs are coming you’re not paying attention. The mgmt here will save themselves and sacrifice the rest of us without a moments hesitation. Then who’s ever left gets to hear the same old spewing garbage about the hard decisions and we don’t do this lightly etc etc. And then give themselves bonuses for hitting the G&A reduction targets.
Stock price s---s