PSX - Cenovus after the call -- poor messaging tanks shares

Cenovus (NYSE:CVE) is in the penalty box after missing earnings and cash flow estimates, and struggling to provide a clear message on the call. Shares are down 7%+ headed into the close.  With most analyst questions focused on the net debt target and timing of increased shareholder returns, CEO Pourbaix said "I think we made very, very clearly, that as we delivered the balance sheet, we were going to increasingly look at allocating cash to returning to our shareholders." But he also had this to say, "our strategy as being an operator of refineries, and if we can, when we’re involved in refineries that are great refineries, we’d love to have 100% of it, all things being equal." Presumably eluding to the two refineries where Cenovus has a 50/50 non-operating joint venture with Phillips 66 (NYSE:PSX).  There were also a number of questions about underlying earnings and cash flow in

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Cenovus after the call -- poor messaging tanks shares