$CVE.TO

E3 Lithium Names Tom Gear as Chief Operating Officer; Chief Development Officer Kevin Carroll to Retire

E3 Lithium (ETL.V) announced Wednesday the appointment of Tom Gear as chief operating officer, effective June 8, 2026, and the retirement of Kevin Carroll, chief development officer.Tom Gear is an energy executive with nearly three decades of experience spanning petroleum refining, major projects, commodity trading, commercial development, and large-scale oil sands operations, said the company.Most recently, he held the role of Senior Vice President Oilsands at MEG Energy. Prior to MEG Energy, Tom spent 24 years at Suncor and legacy Petro-Canada, including serving as Vice President, Environment, Health & Safety."A Governor General's Canadian Leadership Conference alumnus and former Board Chair of the Fort McMurray Chamber of Commerce, Tom brings national leadership perspective alongside deep operational expertise," said the company.Kevin Carroll's last day will be June 12, 2026, said the company and added that he will remain with the company in an advisory capacity during a transition period to ensure a "smooth handover" of responsibilities."After an extensive search, we are very pleased to welcome Tom to the executive team as Chief Operating Officer," said Chris Doornbos, Chief Executive Officer and Chair of E3. "His extensive experience leading large-scale industrial operations, driving organizational excellence, and developing high-performing teams will be invaluable as we move closer to construction and operations of the Clearwater Project. On behalf of the Board of Directors and the entire Company, I want to thank Kevin for his outstanding contributions. Kevin has played a key role in advancing the Clearwater Project and helping establish the strong technical and operational foundation from which we will grow."

Market Chatter: Oil Sands Firms Can Afford Carbon Capture, Canadian Energy Minister Says

Canadian Energy Minister Tim Hodgson said he's "highly confident" that Alberta oil sands companies can absorb the cost of building carbon capture, despite their protests that Canada's climate rules hurt their global competitiveness, Bloomberg is reporting Monday.It noted Prime Minister Mark Carney's government reached an agreement earlier this month with Alberta on the trajectory of its industrial carbon price, a regime that forces heavy polluters to pay for carbon emissions but also generates credits for cutting greenhouse gas outflows.The deal was a crucial step toward building the C$16.5 billion ($12 billion) Pathways carbon capture project for the oil sands, which Carney has said is a necessary condition for approving a new crude oil pipeline to Canada's Pacific coast. As the negotiations unfolded in recent months, however, oil companies began publicly arguing that the carbon price imposes a cost on the Canadian industry that other major oil producers don't bear.In Hodgson's view, those companies were mainly protesting that they weren't directly at the table for the talks, he told Bloomberg in an interview."The reality is the federal government and the provincial government had to agree on what the framework for carbon pricing was before we got them to the table," he said. "Now that that's been done, the engagement will happen. I am highly confident that given how we've structured this, that the cost of Pathways can be readily absorbed."The project spearheaded by five of the largest oil sands companies, including Cenovus Energy Inc. (SU.TO), Imperial Oil Ltd. (IMO.TO) and Suncor Energy Inc. (SU.TO), would capture carbon dioxide from multiple facilities and transport it more than 400 kilometers (249 miles) by pipeline to a storage hub in eastern Alberta, where it would be stored underground.The new agreement targets 16 million metric tons of annual emissions reductions from Pathways -- but gradually over the next two decades. The first phase, to be completed by 2035, would build enough carbon capture to remove 6 million metric tons annually. Hodgson said the hope is that technology will have substantially advanced by then, opening up more choices."I think you're going to see a bunch of new technologies that are going to get cheaper and cheaper and cheaper, and that's going to create options for the Pathways folks," Hodgson said.(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Cenovus Energy Price Target Raised to $47 at RBC

RBC Capital Markets raised its price target on Cenovus Energy Inc. (CVE.TO, CVE) to $47 from $45 on Tuesday.Analyst Greg Pardy maintained an Outperform rating on shares of the Calgary-based oil and gas company."Our recent series of institutional meetings in London with Cenovus Energy's EVP & CFO, Kam Sandhar and VP, Investor Relations, Patrick Read, were quite upbeat and pointed towards unmistakable operating/financial momentum across its portfolio," Pardy said in a note to clients.

RBC Lifts Cenovus Energy's Price Target to C$45 from C$42

RBC Capital Markets on Wednesday increased Cenovus Energy's (CVE.TO) price target to C$45 from $42 with an outperform rating, based on improved consistency and expanded multiples.Cenovus Energy's first-quarter results included upstream production of 972,100 barrels of oil equivalent per day, beating expectations, as well as better upstream-downstream margins.The company has also sold its Canadian Commercial Fuels business for $275 million."Our constructive stance towards Cenovus reflects its capable leadership team, shareholder alignment, free cash flow generation and enhanced portfolio via the MEG Energy acquisition/WRB disposition," RBC said.Cenovus traded at $37.93 per share at last look Thursday on the Toronto Stock Exchange.Price: $37.89, Change: $-1.60, Percent Change: -4.05%

Cenovus Energy Maintained at Buy at TPH Following Q1 Results; Price Target at C$42.00

Stifel Canada on Wednesday reiterated its buy rating on the shares of Cenovus Energy (CVE.TO, CVE) with a C$42.00 price target following the oil producer and refiner's first-quarter results."CVE printed Q1 beats across the board, owing ~evenly to both Upstream and Downstream, which alongside the capex beat drove better-than-expected FCF. AFFO came in ~16% better vs. expectations (C$3.38B vs. TPHe/Street C$2.92B; C$1.80 on a per share basis vs. TPHe/Street C$1.54), which net of better capex (C$1.17B vs. TPHe/Street C$1.27B) resulted in the FCF beat (C$2.21B vs. TPHe/Street C$1.65B). At the segment level, Downstream slightly led the beat (~55% vs. TPHe) despite throughput coming in a touch light vs. expectations at 459mboepd combined vs. TPHe/Street 464/460, with the C$0.46B inventory holding gain the main driver vs. our model; C$0.73B op. margin vs. TPHe/Street C$0.45B/C$0.43B. Within Upstream, ops solidly beat with 972mboepd total production better vs. TPHe/Street 962/963; C$3.71B op. margin vs. TPHe/Street C$3.34B. From a shareholder returns perspective including preferreds, CVE returned C$1.04B during the quarter (~C$365MM buybacks, ~C$379MM dividends, ~C$300MM preferred redemptions), and the quarterly dividend was increased by 10% to C$0.22/shr.," analyst Jeoffrey Lambujon wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $39.25, Change: $-2.26, Percent Change: -5.44%

Cenovus Energy's Q1 Net Earnings Surge YoY on Higher Upstream Production

Cenovus Energy's (CVE.TO) net earnings for the first quarter jumped year over year as it achieved its highest-ever quarterly upstream production, the company said Wednesday.Net earnings were C$1.57 billion, or $0.83 per share, up from $859 million, or $0.47 per share. The result beat the earnings per share consensus estimate of $0.74 as compiled by FactSet.Revenues were $15 billion, a decline from $16.05 billion. The result exceeded the sales consensus estimate of $13.17 billion as compiled by FactSet.First-quarter results were driven by increases in benchmark crude oil prices, upstream production and refined product pricing, the company said.Total upstream production was 972,100 barrels of oil equivalent per day, rising from 818,900 BOE/d. Total downstream crude throughput was 458,500 barrels per day, a decrease from 665,400 bbls/d.Cenovus' board has approved a 10% increase in the quarterly base rate dividend to $0.22 per common share, starting in the second quarter. The dividend is payable on June 30 to shareholders of record as of June 15.

Earnings Flash (CVE.TO) Cenovus Energy Reached Highest Ever Quarterly Upstream Production

Earnings Flash (CVE.TO) Cenovus Approves a 10% Increase In the Quarterly Base Dividend to $0.22 per share, Beginning Q2 2026

Cenovus Q1 Per share Diluted $0.83

Cenovus Energy Maintained at Outperformer at CIBC Ahead of Q1 Results; Price Target at C$46.00

CIBC Capital Markets maintained its outperformer rating on the shares of Cenovus Energy (CVE.TO, CVE) with a C$46.00 price target ahead of the oil producer and refiner's first-quarter results on May 6."We estimate Q1/26 production of 962 MBoe/d and CFPS of $1.63 vs. consensus of 963 MBoe/d and $1.54, respectively. During Q1/26, we are expecting minimal production impact from the TC outage at Sunrise and note that this will be the first full quarter with production incorporated from the MEG acquisition since the November 13, 2025 closing. At Foster Creek we will be watching for strong production volumes as the optimization project was completed ahead of schedule. At Christina Lake, focus will remain on the final leg of Narrows Lake ramping up into 2026 and updates on the four initially planned redevelopment wells associated with $30 million in synergies at Christina Lake North. At Christina Lake North, we anticipate receiving an update on operations and the work on facility expansion. At West White Rose, given the company's statement of weather issues interfering with commissioning, we will be watching for any updates on modest delays into Q3/26 for first oil. In the downstream segment, we are expecting some reduction in market capture due to the Keystone outage and a significant cash flow increase as a result of FIFO-LIFO changes in inventory," the investment bank wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $40.36, Change: $+0.54, Percent Change: +1.36%

RBC Maintains Cenovus Energy's Outperform Rating, C$42 Price Target Ahead of Q1 Results

RBC Capital Markets reiterated its outperform rating on the shares of Cenovus Energy (CVE.TO) and its C$42.00 price target ahead of the May 6 release of the oil producer and refiner's first-quarter earnings.RBC estimated Cenovus' operating earnings at $0.86 per share, above the Street projection of $0.82 per share.RBC's adjusted funds from operations forecast of $1.54 per share aligned with the Street estimate, while the RBC production estimate of 960,400 barrels of oil equivalent per day (boe/d) was below the Street expectation of 963,000 boe/d.Cenovus' capital spending was pegged at $1.18 billion by RBC, compared to the $1.27 billion Street forecast."The company is well positioned to benefit from elevated commodity prices in terms of balance sheet deleveraging and in its US refining segment," RBC said.Price: $36.45, Change: $+0.50, Percent Change: +1.39%

Market Chatter: Cenovus Says Oilfield Extension Off Newfoundland Will Hike Emissions by 21%

The Newfoundland and Labrador government has approved hikes in greenhouse gas emissions at a nickel mine in northern Labrador and the Cenovus-owned White Rose oilfield off the coast of St. John's, The Canadian Press is reporting Monday.Cenovus estimates that its new West White Rose platform will increase emissions at the oilfield by about 21% at peak operation, or an amount equivalent to about 100,000 metric tonnes of carbon dioxide, according to documents obtained through access to information legislation by The Canadian Press.That's roughly the same as the emissions from more than 23,300 vehicles driven for one year, according to the United States Environmental Protection Agency.Monday's report noted the West White Rose project was roundly applauded for bringing hundreds of construction jobs to rural Newfoundland and for extending the life of the White Rose oilfield by about 14 years. A massive component was built in Argentia, N.L., and towed out to the oilfield last year.Its effect on greenhouse gas emissions has not been as widely discusssed, the report said.(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

CIBC Picks Cenovus, Kelt, Suncor, Tamarack, Tenaz, Whitecap as Its Top Ideas for Canadian Oil Equities

CIBC Capital Markets said Friday its top ideas for Canadian oil equities in the first quarter include Cenovus Energy (CVE.TO), Kelt Exploration (KEL.TO), Suncor Energy (SU.TO), Tamarack Valley Energy (TVE.TO), Tenaz Energy (TNZ.TO) and Whitecap Resources (WCP.TO).CIBC said Canadian oil equities showed strong performance in the first quarter, driven by geopolitical conflict in the Middle East.Oil prices and U.S Gulf Coast crack spreads increased by 78% and 200% during the quarter, respectively, helping improve realizations for liquids-focused producers and integrated companies, CIBC said.Due to the oil price spike, CIBC expects meaningful tailwinds for Suncor and Cenovus, while Imperial Oil (IMO.TO) could face a headwind.Higher oil prices could also drive working capital adjustments, which could increase net debt levels for the integrateds, CIBC added.CIBC said Canadian LNG projects look increasingly attractive for supply security amid the Middle East conflict. As a result, CIBC expects the LNG Canada Phase 2 and Ksi Lisims LNG projects to be sanctioned in 2026.Price: $84.28, Change: $+0.59, Percent Change: +0.70%

Cenovus Energy Maintained at Buy at TPH Ahead of Q1 Results' Price Target at C$42.00

Tudor, Pickering, Holt on Friday maintained its buy rating on the shares of Cenovus Energy (CVE.TO, CVE) with a C$42.00 price target ahead of the oil producer and refiner's first-quarter results."In our pre-earnings model update, we increased our Q1'26 CFPS estimate to TPHe C$1.40, up from our prior C$0.97, which sits well above Street C$1.09 though we'd anticipate positive estimate revisions in the coming weeks. MTM (mark to market) impacts were the primary driver of our refresh, with our operational assumptions only modestly nudged lower across CVE's segments," analyst Jeoffrey Lambujon wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $35.82, Change: $+0.34, Percent Change: +0.96%