Cenovus Energy Inc. Oil & Gas Exploration and Production Operations and Cost Analysis - Q3, 2014

 Published On: Nov, 2014 |    No of Pages: 101 |  Published By: GlobalData | Format: PDF
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Summary

Cenovus Energy Inc. (Cenovus Energy) is a Canadian integrated oil company. It explores, develops and produces crude oil and natural gas. The company also carries out processing of natural gas liquids. Its operational portfolio includes oil sands projects in northern Alberta; and natural gas and oil production areas across Alberta and southern Saskatchewan. Its project portfolio includes Foster Creek, Christina Lake and Narrows Lake as well as projects early stage properties such as Grand Rapids and Telephone Lake. Through a joint venture with ConocoPhillips, Cenovus Energy has a 50% ownership interest in two refineries: Wood River Refinery in Illinois and Borger Refinery in Texas. Cenovus Energy is headquartered in Calgary, Alberta.

Cenovus Energy Inc. Oil & Gas Exploration and Production Operations and Cost Analysis is the latest report from GlobalData, the industry analysis specialists, that offers comprehensive information on the operational and financial performance of the company. The report is an essential source for key operational data, analysis and strategic insight into company. The report provides latest annual and quarterly overview of production, reserves, share price performance, reserve changes, capital expenditures, acreage, performance metrics and results of oil & gas operations.

Scope

The report provides in-depth analysis and insights into companies’ capital spending, revenues, oil and gas reserves, production, and performance measures. Its scope includes -
- The report provides detailed and unique insights information on the key operational parameters. The report provides a comprehensive overview of production, reserves, reserve changes, capital expenditures, acreage, performance metrics, and results of oil & gas operations.
- Provides analysis of the share price performance of the company and the key valuation multiples. The report provides a comprehensive overview of share price performance and key valuation metrics such as market capitalization, enterprise value, EV/Production ($boe/d) and EV/Proved Reserve ($/boe)
- Provides annual and quarterly information on key operational and financial parameters. Annual information is for the current and the last four years while the quarterly information is for the current and the last four quarters
- The report provides detailed crude oil and natural gas reserves and production information of the company by country as disclosed in their annual report and regulatory filings.
- Contains in-depth and latest information on exploration, development, finding & development, acquisition expenditure, gross and net developed and undeveloped acreage position; key costs and revenue information; and performance metrics of the company as disclosed in their annual report and regulatory filings.

Note: Scope of the report mentioned above is generic and may not be applicable to all the companies. The report is based on the information disclosed by the company in their annual report and regulatory filings. Information that is not disclosed by the company may not be available in the report.

Quarterly information is covered only for those companies which are December ending and files quarter report. There might be cases where countries/regions data column/Charts will be blank for last five years. This is due to companies might have discontinued reporting of that countries/regions during the last five year time period.

Reasons to buy

The report will enhance your decision making capability in a more rapid and time sensitive manner. It will allow you to -
- Provides up-to-date information and in-depth analysis on operational parameters of the company.
- Identify M&A targets from up-to-date information and in-depth analysis on financial and operational parameters of your competitors.
- Rank your performance against other E&P companies using operational and financial benchmarking metrics.
- Formulate your strategies based on in-depth analysis of your competitors’ financial and operational data.
- Exploit the strengths and weakness of your closest competitors by comparing and analyzing their financial and operational parameters.
- Establish relative performance among the industry’s players based on key operational and financial measures.

Table of Contents
Table of Contents 2
List of Tables 5
List of Figures 6
Company Snapshot 8
Key Information 8
Company Overview 8
Cenovus Energy Inc., Valuation and Financial Data 9
Cenovus Energy Inc., Share Price Performance 9
Share Price Performance, Q3, 2013-Q3, 2014 9
Cenovus Energy Inc., Key Valuation Metrics 10
Key Valuation Metrics, Q3, 2013-Q3, 2014 10
Cenovus Energy Inc., Quarterly Results of Oil & Gas Operations Per boe Produced 11
Results of Oil & Gas Operations Per boe Produced, Q3, 2013-Q3, 2014 11
Results of Oil & Gas Operations Per boe Growth Rates, Q3, 2013-Q3, 2014 12
Cenovus Energy Inc., Quarterly E&P Costs Trends 13
Upstream Capital Expenditure, Q3, 2013-Q3, 2014 13
Cenovus Energy Inc., Quarterly Production Trends 14
Cenovus Energy Inc., Total Oil and Gas Production 14
Total Crude Oil and Natural Gas Production Trend, Q3, 2013-Q3, 2014 14
Total Crude Oil & Natural Gas Production, By Country/Region, Q3, 2013-Q3, 2014 15
Cenovus Energy Inc., Crude Oil Production 16
Total Crude Oil Production Trend, Q3, 2013-Q3, 2014 16
Crude Oil Production, By Country/Region, Q3, 2013-Q3, 2014 17
Cenovus Energy Inc., Natural Gas Production 18
Total Natural Gas Production Trend, Q3, 2013-Q3, 2014 18
Natural Gas Production, By Country/Region, Q3, 2013-Q3, 2014 19
Cenovus Energy Inc., Valuation and Financial Data, 2009-2013 20
Cenovus Energy Inc., Share Price Performance, 2009-2013 20
Share Price Performance, 2009-2013 20
Key Valuation Metrics, 2009-2013 21
Cenovus Energy Inc., Production and Reserves Trends 22
Total Oil and Gas, Reserves and Production 22
Total Crude Oil and Natural Gas Production and Reserves Trend, 2009-2013 22
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2009-2013 24
Total Crude Oil and Natural Gas Reserve Changes, 2009-2013 26
Crude Oil/Liquids Production and Reserve 27
Crude Oil/Liquids Production and Reserve Trend, 2009-2013 27
Crude Oil Production and Reserves By Country/Region, 2009-2013 28
Crude Oil/Liquids Reserve Changes, 2009-2013 30
Natural Gas Production and Reserve 31
Natural Gas Production and Reserve Trend, 2009-2013 31
Natural Gas Production and Reserves, By Country/Region, 2009-2013 32
Natural Gas Reserve Changes, 2009-2013 34
Total Crude Oil and Natural Gas Reserves Life Index 35
Total Crude Oil and Natural Gas Reserves Life Index, 2009-2013 35
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2009-2013 36
Cenovus Energy Inc., E&P Costs Trends 38
Allocation of the Upstream Capital Expenditure 38
Upstream Capital Expenditure, 2009-2013 38
Acquisition Costs By Country/Region, 2009-2013 39
Exploration and Development Costs, By Country/Region, 2009-2013 41
Oil and Gas Cost Per boe, US$/boe 43
Oil and Gas Cost Per boe, US$/boe, 2009-2013 43
Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2009-2013 45
Cenovus Energy Inc., Reserve Replacement Ratio 47
Oil and Gas Production Replacement Ratio 47
Oil and Gas Production Replacement Ratio, 2009-2013 47
Oil and Gas Production Replacement Ratio, By Country/Region, 2009-2013 49
Cenovus Energy Inc., Results of Oil & Gas Operations Trend 53
Oil and Gas Revenue and Expenses 53
Oil and Gas Revenue and Expenses, 2009-2013 53
Oil and Gas Revenue and Expenses, By Country/Region, 2009-2013 54
Oil and Gas Revenue and Expenses, Per boe 59
Oil and Gas Revenue and Expenses, By boe, 2009-2013 59
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2009-2013 60
Oil and Gas Performance Metrics 64
Cenovus Energy Inc., Land Holdings and Well Data 65
Developed and Undeveloped Acreage 65
Gross and Net Developed and Undeveloped Acreage, 2009-2013 65
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2009-2013 66
Well Statistics 69
Producible Oil and Gas Well, 2009-2013 69
Producible Oil and Gas Well, By Country/Region, 2009-2013 70
Exploration and Development Wells Drilled, 2009-2013 74
Exploration and Development Wells Drilled, By Country/Region, 2009-2013 75
Recent Developments 76
Cenovus Energy Inc. - Recent Developments 76
Nov 14, 2014: Cenovus Gains Approval Telephone Lake Oil Sand Project 76
Nov 14, 2014: Cenovus Gains Approval For Telephone Lake Oil Sands Project 76
Oct 23, 2014: Cenovus oil sands production increases 23% 77
Sep 17, 2014: Cenovus Provides Update On Foster Creek 83
Jul 30, 2014: Cenovus oil sands production increases 33% 84
Jun 25, 2014: Ener-Core Expands Addressable Market with Multiple MOU's 88
Apr 30, 2014: Cenovus oil sands production climbs 20% in first quarter 89
Mar 20, 2014: Cenovus receives approval for Grand Rapids oil sands project Production capacity expected to reach 180,000 bbls/d 96
Mar 20, 2014: Cenovus receives approval for Grand Rapids oil sands project 97
Appendix 99
Methodology 99
Coverage 99
Secondary Research 99
Primary Research 99
Data Information Sources 100
Company Source 100
SEC/Other Regulatory Filings 100
Other Sources 100
Expert Panel Validation 100
Data Definition 100
Oil and Gas Reserves 100
Units of Measure 101
About GlobalData 101
Disclosure 101
Disclaimer 101

List of Tables
Table 1: Cenovus Energy Inc., Key Facts 8
Table 2: Cenovus Energy Inc., Share Price Performance, Q3, 2013-Q3, 2014 9
Table 3: Cenovus Energy Inc., Key Valuation Metrics, Q3, 2013-Q3, 2014 10
Table 4: Cenovus Energy Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q3, 2013-Q3, 2014 11
Table 5: Cenovus Energy Inc., Results of Oil & Gas Operations Per boe Growth Rates, %, Q3, 2013-Q3, 2014 12
Table 6: Cenovus Energy Inc., Upstream Capital Expenditure, Q3, 2013-Q3, 2014 13
Table 7: Cenovus Energy Inc., Total Crude Oil and Natural Gas, Production, Q3, 2013-Q3, 2014 14
Table 8: Cenovus Energy Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q3, 2013-Q3, 2014 15
Table 9: Cenovus Energy Inc., Total Crude Oil Production, mmbbl, Q3, 2013-Q3, 2014 16
Table 10: Cenovus Energy Inc., Crude Oil Production, By Country/Region, mmbbl, Q3, 2013-Q3, 2014 17
Table 11: Cenovus Energy Inc., Total Natural Gas Production, bcf, Q3, 2013-Q3, 2014 18
Table 12: Cenovus Energy Inc., Natural Gas Production, By Country/Region, bcf, Q3, 2013-Q3, 2014 19
Table 13: Cenovus Energy Inc., Share Price Performance, 2009-2013 20
Table 14: Cenovus Energy Inc., Key Valuation Metrics, 2009-2013 21
Table 15: Cenovus Energy Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013 23
Table 16: Cenovus Energy Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2009-2013 25
Table 17: Cenovus Energy Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2009-2013 26
Table 18: Cenovus Energy Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013 27
Table 19: Cenovus Energy Inc., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2009-2013 29
Table 20: Cenovus Energy Inc., Crude Oil Reserve Changes, mmbbl, 2009-2013 30
Table 21: Cenovus Energy Inc., Natural Gas Production and Reserves Metrics, bcf, 2009-2013 31
Table 22: Cenovus Energy Inc., Natural Gas Production and Reserves, By Country/Region, bcf, 2009-2013 33
Table 23: Cenovus Energy Inc., Natural Gas Reserve Changes, bcf, 2009-2013 34
Table 24: Cenovus Energy Inc., Oil and Gas Reserves Life Index, Years, 2009-2013 35
Table 25: Cenovus Energy Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2009-2013 37
Table 26: Cenovus Energy Inc., Upstream Capital Expenditure, US$ mil, 2009-2013 38
Table 27: Cenovus Energy Inc., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013 40
Table 28: Cenovus Energy Inc., Exploration and Development Costs, By Country/Region, US$ mil, 2009-2013 42
Table 29: Cenovus Energy Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013 43
Table 30: Cenovus Energy Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2009-2013 46
Table 31: Cenovus Energy Inc., Oil and Gas Production Replacement Ratio, %, 2009-2013 47
Table 32: Cenovus Energy Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2009-2013 52
Table 33: Cenovus Energy Inc., Revenue and Expenses, US$ mil, 2009-2013 53
Table 34: Cenovus Energy Inc., Revenue and Expenses, By Country/Region, US$ mil, 2009-2013 58
Table 35: Cenovus Energy Inc., Oil and Gas Revenue and Expenses, US$/boe, 2009-2013 59
Table 36: Cenovus Energy Inc., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2009-2013 63
Table 37: Cenovus Energy Inc., Oil and Gas Performance Metrics, 2009-2013 64
Table 38: Cenovus Energy Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013 65
Table 39: Cenovus Energy Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2009-2013 68
Table 40: Cenovus Energy Inc., Producible Oil and Gas Wells, 2009-2013 69
Table 41: Cenovus Energy Inc., Producible Oil and Gas Wells, By Country/Region, 2009-2013 73
Table 42: Cenovus Energy Inc., Exploratory and Developed Wells, 2009-2013 74
Table 43: Cenovus Energy Inc., Exploratory and Developed Wells, By Country/Region, 2009-2013 75

List of Figures
Figure 1: Cenovus Energy Inc., Share Price Performance, CAD/Share, Q3, 2013-Q3, 2014 9
Figure 2: Cenovus Energy Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q3, 2013-Q3, 2014 10
Figure 3: Cenovus Energy Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q3, 2013-Q3, 2014 11
Figure 4: Cenovus Energy Inc., Upstream Capital Expenditure, US$ mil, Q3, 2013-Q3, 2014 13
Figure 5: Cenovus Energy Inc., Total Crude Oil and Natural Gas, Production, mmboe, Q3, 2013-Q3, 2014 14
Figure 6: Cenovus Energy Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q3, 2013-Q3, 2014 15
Figure 7: Cenovus Energy Inc., Total Crude Oil Production, mmbbl, Q3, 2013-Q3, 2014 16
Figure 8: Cenovus Energy Inc., Crude Oil Production, By Country/Region, mmbbl, Q3, 2013-Q3, 2014 17
Figure 9: Cenovus Energy Inc., Total Natural Gas Production, bcf, Q3, 2013-Q3, 2014 18
Figure 10: Cenovus Energy Inc., Natural Gas Production, By Country/Region, bcf, Q3, 2013-Q3, 2014 19
Figure 11: Cenovus Energy Inc., Share Price Performance, CAD/Share, 2009-2013 20
Figure 12: Cenovus Energy Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2009-2013 21
Figure 13: Cenovus Energy Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013 22
Figure 14: Cenovus Energy Inc., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2009-2013 24
Figure 15: Cenovus Energy Inc., Total Oil & Gas Production, By Country/Region, mmboe, 2009-2013 24
Figure 16: Cenovus Energy Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2013 26
Figure 17: Cenovus Energy Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013 27
Figure 18: Cenovus Energy Inc., Oil Reserves, End of Period, By Country/Region, mmbbl, 2009-2013 28
Figure 19: Cenovus Energy Inc., Oil Production, By Country/Region, mmbbl, 2009-2013 28
Figure 20: Cenovus Energy Inc., Crude Oil Reserve Changes, mmbbl, 2013 30
Figure 21: Cenovus Energy Inc., Natural Gas Production and Reserves Metrics, bcf, 2009-2013 31
Figure 22: Cenovus Energy Inc., Gas Reserves, End of Period, By Country/Region, bcf, 2009-2013 32
Figure 23: Cenovus Energy Inc., Gas Production, By Country/Region, bcf, 2009-2013 32
Figure 24: Cenovus Energy Inc., Natural Gas Reserve Changes, bcf, 2013 34
Figure 25: Cenovus Energy Inc., Oil and Gas Reserves Life Index, Years, 2009-2013 35
Figure 26: Cenovus Energy Inc., Gas Reserve Life Index, By Country/Region, Years, 2009-2013 36
Figure 27: Cenovus Energy Inc., Oil & Gas Reserve Life Index, By Country/Region, Years, 2009-2013 36
Figure 28: Cenovus Energy Inc., Oil Reserve Life Index, By Country/Region, Years, 2009-2013 37
Figure 29: Cenovus Energy Inc., Upstream Capital Expenditure, US$ mil, 2009-2013 38
Figure 31: Cenovus Energy Inc., Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013 39
Figure 32: Cenovus Energy Inc., Development Costs, By Country/Region, US$ mil, 2009-2013 41
Figure 33: Cenovus Energy Inc., Exploration Costs, By Country/Region, US$ mil, 2009-2013 41
Figure 34: Cenovus Energy Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013 43
Figure 35: Cenovus Energy Inc., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013 45
Figure 36: Cenovus Energy Inc., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013 45
Figure 37: Cenovus Energy Inc., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013 46
Figure 38: Cenovus Energy Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2009-2013 47
Figure 39: Cenovus Energy Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2009-2013 49
Figure 40: Cenovus Energy Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2009-2013 49
Figure 41: Cenovus Energy Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2009-2013 50
Figure 42: Cenovus Energy Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2009-2013 50
Figure 43: Cenovus Energy Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2009-2013 51
Figure 44: Cenovus Energy Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2009-2013 51
Figure 45: Cenovus Energy Inc., Revenue and Expenses, US$ mil, 2009-2013 53
Figure 46: Cenovus Energy Inc., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 54
Figure 47: Cenovus Energy Inc., Exploration Expenses, By Country/Region, US$ mil, 2009-2013 54
Figure 48: Cenovus Energy Inc., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 55
Figure 49: Cenovus Energy Inc., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 55
Figure 50: Cenovus Energy Inc., Oil & Gas Revenue, By Country/Region, US$ mil, 2009-2013 56
Figure 51: Cenovus Energy Inc., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 56
Figure 52: Cenovus Energy Inc., Production Costs, By Country/Region, US$ mil, 2009-2013 57
Figure 53: Cenovus Energy Inc., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 57
Figure 54: Cenovus Energy Inc., Oil and Gas Revenue and Expenses, US$/boe, 2009-2013 59
Figure 55: Cenovus Energy Inc., Exploration Expenses per boe, By Country/Region, US$/boe, 2009-2013 60
Figure 56: Cenovus Energy Inc., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2009-2013 60
Figure 57: Cenovus Energy Inc., Lifting Cost per boe, By Country/Region, US$/boe, 2009-2013 61
Figure 58: Cenovus Energy Inc., Annual Net Income per boe, By Country/Region, US$/boe, 2009-2013 61
Figure 59: Cenovus Energy Inc., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2009-2013 62
Figure 60: Cenovus Energy Inc., Total DD&A per boe, By Country/Region, US$/boe, 2009-2013 62
Figure 61: Cenovus Energy Inc., Total Revenue per boe, By Country/Region, US$/boe, 2009-2013 63
Figure 62: Cenovus Energy Inc., Oil and Gas Performance Metrics, 2009-2013 64
Figure 63: Cenovus Energy Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013 65
Figure 64: Cenovus Energy Inc., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2009-2013 66
Figure 65: Cenovus Energy Inc., Total Net Undeveloped Acreage, By Country/Region, Acres, 2009-2013 66
Figure 66: Cenovus Energy Inc., Total Gross Developed Acreage, By Country/Region, Acres, 2009-2013 67
Figure 67: Cenovus Energy Inc., Total Net Developed Acreage, By Country/Region, Acres, 2009-2013 67
Figure 68: Cenovus Energy Inc., Producible Oil and Gas Wells, 2009-2013 69
Figure 69: Cenovus Energy Inc., Gross Productive Gas Wells, By Country/Region, Number, 2009-2013 70
Figure 70: Cenovus Energy Inc., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2009-2013 70
Figure 71: Cenovus Energy Inc., Gross Productive Oil Wells, By Country/Region, Number, 2009-2013 71
Figure 72: Cenovus Energy Inc., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2009-2013 71
Figure 73: Cenovus Energy Inc., Net Productive Gas Wells, By Country/Region, Number, 2009-2013 72
Figure 74: Cenovus Energy Inc., Net Productive Oil & Gas Wells, By Country/Region, Number, 2009-2013 72
Figure 75: Cenovus Energy Inc., Net Productive Oil Wells, By Country/Region, Number, 2009-2013 73
Figure 76: Cenovus Energy Inc., Exploratory and Developed Wells, 2009-2013 74


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