Cenovus Energy names new CEO, stock falls after Q4 results

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Cenovus Energy names new CEO, stock falls after Q4 results
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Jon McKenzie, the current executive vice-president and chief operating officer, will assume the top job after the AGM set for April 26 From jefflagerquist

The company reported a profit of $784 million, or $0.39, compared with a loss of $408 million, or $0.21 per share, a year earlier. Revenue in the quarter climbed to $14.1 billion, from $13.7 billion in the same period a year ago.Cenovus says total upstream production amounted to 806,900 barrels of oil equivalent per day in the final three months of 2022, down from 825,300 a year earlier. Total downstream throughput was 473,500 barrels per day, up from 469,900 in the fourth quarter or 2021.

Cenovus says extreme weather challenges in December, along with third-party pipeline outages impacted its downstream margins. "Mixed fourth-quarter results may cause the stock to lag today, but do not change our constructive thesis towards the stock," RBC Capital Markets analyst Greg Pardy wrote in a note to clients on Thursday.The stock fell 5.77 per cent to $24.51 on Thursday at 9:53 a.m. ET. Shares have climbed more than 32 per cent in the last 12 months.

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