CVE
TSX · Oil sands, downstream · 10 desk pieces in archive
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Cenovus said Monday it will acquire Athabasca Oil at $12 a share in cash and stock, with an implied enterprise value of $5.7 billion. The add is about 45,000 barrels of oil equivalent a day at Leismer and Corner. Close is December 2026. That is not MEG, and it is not 115,000 barrels a day today.
Reuters had the October WTI contract at $93.28 a barrel at 1027 GMT Tuesday, down $2.50 or 2.61 percent. November Brent was $98.33, down $2.01 or 2 percent. Three sources said the East-West line was pumping again. Saudi Arabia has not posted a Yanbu loading restart.
Reuters had the October WTI contract at $97.61 a barrel at 8:54 a.m. ET Monday, down $2.69 or 2.7 percent. November Brent was $101.18, down $2.69 or 2.6 percent. Houthis said they hit Yanbu on Saturday. Saudi Arabia has not confirmed damage there.
Reuters had Brent down 88 cents, or 0.84 percent, to $103.94 at 1225 GMT Friday. WTI was little changed at $102.15. Brent is on track for its first weekly loss in three. Reports say Saudi Arabia wants about half of East-West capacity back within days. Yanbu loadings have not been declared back.
Premier Danielle Smith told the Oil Sands Expo in Fort McMurray on Wednesday the revised royalty regime will be announced in November. Bloomberg and the Financial Post carried it September 17. She wants more oilsands spend to help fill a proposed million-barrel-a-day pipe. No Gazette paper landed overnight.
Reuters had Brent down $3.11 to $102.72 and WTI down $1.96 to $100.47 at 1324 GMT Thursday, a one-week low. Saudi extra cargoes off Oman took heat out of the tape. The East-West line and Yanbu loadings have not been declared back.
Oil Sands Alliance president Kendall Dilling told Carbon Capture Canada the new first-year capital write-off helps the Pathways case but is not enough on its own. Alberta's Brian Jean said Ottawa, the province, and the five producers are still aiming at binding papers by mid-November.
In its July 29 second-quarter release Cenovus said drilling of the first West White Rose well was progressing and the project remained on track for first oil in late third quarter. Mid-September is that window. The company has not posted a first-oil notice.
On July 29 Cenovus lifted full-year 2026 upstream guidance to 970,000 to 1,010,000 boe per day, up 25,000 boe per day. Oil sands unit operating costs were cut to $10.75 to $11.75 per boe. Capital stayed $5.0 billion to $5.3 billion. July production was on track to pass one million boe per day for the month.
On August 21, Cenovus walked Saskatchewan residents through a proposed diluent solvent-aided expansion at Spruce Lake. The company says it would add about 10,000 barrels a day and cut GHG per barrel by 30 percent. Construction is slated to start later this year.