Vaccines, Oil Prices, Husky Buyout Boost Cenovus Prospect: CEO Alex Pourbaix


The CEO of Cenovus Energy Inc. is optimistic that his oil and gas company’s second consecutive annual online webcast from shareholders on Wednesday will be the last.

Alex Pourbaix says the global deployment of vaccines to counter the COVID-19 pandemic gives him hope that next year’s meeting will be held in person, with the possible addition of a simultaneous webcast for investors in the outside the city.

At their first meeting of shareholders since Cenovus bought Husky Energy Inc., former Husky Canning Fok directors Wayne Shaw, Frank Sixt and Eva Kwok were elected to Cenovus’ 12-member board of directors. . They had been appointed earlier under the acquisition.

READ MORE: Cenovus Energy reports Q1 profit of $ 220m vs. loss a year ago

In January 2020, Cenovus committed $ 50 million over five years to build up to 200 homes to help alleviate a severe housing shortage in six First Nations and Métis communities near its northern oil sands operations. from Alberta.

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In an update on Wednesday, Pourbaix said the program resulted in the construction of 12 new homes in 2020 with 38 more expected to be ready by the end of this year.

Watch below: Some videos from Global News on Cenovus Energy.

He said shareholders had a lot to celebrate, with Cenovus on the cusp of reducing its net debt to $ 10 billion by the end of the year thanks to the rise in oil prices, as well as the reestablishment of ‘a dividend and a 96% recovery in the share price between October. Announcement of the acquisition of Husky and end of April.

READ MORE: Oil industry still recovering 1 year after historic commodity free fall in negative price territory

“I think we can all agree that this past year has been one of the unprecedented challenges for the world, for our industry and for Cenovus, and yet today I am more optimistic about the future of the world. ‘business than I have ever been, “he said.

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“Cenovus is a stronger, more resilient and resilient integrated Canadian energy leader through our association with Husky Energy.

© 2021 The Canadian Press

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