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Suncor, Cenovus CEOs note less urgency to sell oilpatch assets as prices rise

Published 10/27/2016, 06:58 PM
Suncor, Cenovus CEOs note less urgency to sell oilpatch assets as prices rise
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  • The near-doubling of crude oil prices since February has eliminated the urgency for companies to sell assets in the Alberta oil patch, Suncor Energy President and CEO Brian Ferguson dismissed talk that the company would sell some of its undeveloped oil sands acreage, saying on his earnings call that CVE was planning to develop its assets at a “more modest pace” in the coming years.
  • CVE reported a Q3 loss of C$0.28/share, a sharp drop from the year-ago quarter when results were helped by the sale of its royalty assets, but Raymond James analyst Chris Cox called it a “solid beat” of expectations and noted the company already has achieved its $500M cost reduction target for the year.

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