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CVE - Cenovus: Refining JV Can't Prop It Up Until Demand Comes Back
Cenovus Energy Inc
Cenovus (CVE) took all the proper steps to right the ship after purchasing the vast majority of ConocoPhillips (COP) oil sands operations in March of 2017. For the $13.3 billion price tag, Cenovus took over assets that had production of ~280,000 boe/d, most of it low-margin oil sands production. In fact, the transaction was actually accretive to COP shareholders because all the distributions from the JV had to be plowed back into the venture for maintenance capex.
As Cenovus took rigorous and proper action to dig itself out of the