Just curious to see how you see that balance out as you kind of look at your input costs over the medium term? So, what we're doing is just keeping the dynamics of that to keep the reservoirs at the correct temperature. And as a result, I don't know that I see an immediate need for the government to step in. Over the last few years, we've been relentlessly focused on paying down debt, reducing costs and maintaining capital discipline. So, that is -- that's helpful to us in this present circumstances. And I think it is really important that governments are there to support the industry. Sorry. So, we haven't necessarily solve that problem in terms of creating a clean hedge, but we've also been clear as well that at times, we may be opportunistic. And if we were to see that, start getting moving toward tank tops kind of in that 42, 43 million barrels of storage in Alberta. We have two of four investment grade ratings, it's not one of three. So, I'm curious at what the point do you start to think about preparing for those maturities? While we can't influence the macroeconomic environment, there's plenty we can do to protect our balance sheet during this challenging period, and that's exactly what we've been doing. So, as we do that, we continue to inject steam into the various pads depending on how old they are, to actually keep the temperature correct and actually keep the pad flowing with oil. But we do think over the shorter term, that condensate pricing will be depressed for the next couple of quarters. Next question comes from Harry Mateer with Barclays. And that's how probably you can best model it, understanding the sensitivities all around that. But if you think about sustaining capital, I think right now, we're down to sort of $2.50, $2.60, something in that range. Sure, Alex. The Company comprises natural gas, crude oil, and natural gas liquids reserves. I know this is a tough one, but I just wanted to see what you're expecting for how long it might take for oil demand to return to normal or something close to normal in North America? We are completely comfortable that we could do that for a significant period of time, and we believe that we could go further with further deeper production cuts if we need to. So, all in, it's about 6.7 billion. And you mentioned maintaining reservoir integrity. Next question comes from Vipal Monga with Wall Street Journal. Welcome to Cenovus Energy's first-quarter results. What I would say to this is that as we come out of this. So, what we're doing when we actually curtailing just now is, we're actually just slowing down our pumps that pumped oil to the surface. Thanks, Harry. And how you see that unfolding? Weeks have passed and the industry is still waiting. The Registered Agent on file for this company is The Corporation Trust Incorporated and is located at 351 West Camden Street, Baltimore, MD 21201. OK. Great. But I think that's a pretty good case study for what I hope will happen in North America. And I think there -- I suspect there could be a point here within the term of those contracts where we may see an opportunity to move. So, we typically carry about 20 to 24 million barrels in inventory through the cycle, and that's roughly split evenly between upstream and downstream. OK. And also on the G&A front, given how much you've cut back on doing things and so on. Nothing has changed for this company in terms of the strategy and the direction we're going in. No. So, my expectation is that the condensate lag that you're seeing in Q1 will continue through this month. And I just hate to follow-up on the earlier question on the dynamic storage. So, that's the net savings and one of the reasons that we chose to ramp down rail when we did. How that situation is playing out? What I'm going to do is I'll probably do a little quarter backing and either take the call or all direct, who I think should answer just to try to make things a little more easy. Stock analysis for Cenovus Energy Inc (CVE:Toronto) including stock price, stock chart, company news, key statistics, fundamentals and company profile. Yeah. Keith, why don't you take that and talk about what we're seeing in the storage situation in Canada. You're exactly right. Together with our largely undrawn existing committed credit facilities and uncommitted bilateral credit lines, we have liquidity to sustain our operations through an extended period of low oil prices. My follow-up, you've been asked a couple of times about condensate dynamics and how those weighed on you in the first quarter, and how you how you expect that to go in the next couple of quarters. I tend to be pretty simple in how I think about hedging decisions. I think there are -- so there are obviously precedents to this. Since we've all been working remotely for the last several weeks due to COVID-19. It's just that we want to do it in a way that we're not going to have any unintended consequences, if we were to go there. So, we're very comfortable that we could do this for a long time, basically and continue to store our heated oil within the reservoir itself, so that's the principle of it. We are thinking about the '22 and '23 maturities, and there's probably more color to come. And while we expect this supply/demand imbalance to be relatively short-term in nature, it has led to a rapid decline in share valuations for global energy companies, including Cenovus, and has temporarily impacted financial results for our industry and for our company. What they're looking for is a temporary safety net. Sure. So, on behalf of Cenovus and our leadership team, I just want to thank everybody for taking the time to hear our presentation and the questions that you've asked. Hi. Just curious on the tax situation this year, your guidance had said no cash taxes, obviously, with material pre-tax losses. The company's filing status is listed as Incorporated and its File Number is F16353401. So, for every dollar that our cash breakeven exceeds WTI, the annualized burn is about 180 to $150 million. Paul, Why don't I -- I'll let Jon take a shot at that, and then maybe I'll wave in at the end. I'm wondering what more do you want to see from the federal government on liquidity? Has Cenovus seen a net decrease in its head count compared to last year? I had a couple of questions on the G&A front. So, just a bit of a shout out there. Next question comes from Manav Gupta with Credit Suisse. We reduced our plant production volumes for the year and are actively managing production levels as market conditions change to optimize the value we receive for our products. I have a question and a follow-up for Alex. Now, before I get to our quarterly results, I wanted to touch briefly for a second. And in this economic environment, that is more true than ever. And Norrie, maybe talk just a little bit about what integrity issues with the reservoir, we're managing to ensure that the reservoir is not damaged in any way? And I just say thanks, everyone, and please keep safe in these challenging times. And if so, do you think it should be up to the provincial government to do it through their curtailment mechanisms or should they just let the market forces work? Today's call is a slight departure for us. Terrific. Good morning. When you're thinking about the crude by rail program, and I'm thinking longer term, '21 and beyond and thinking about rail versus pipe, clearly, pipeline spaces freeing up. Phil, it's Jon again. When we look at that, we look at a bunch of things. Please go ahead, Ms. Wendt. And in 2019, we demonstrated that in a West Texas intermediate environment of USD 45 or more, we have significant cash-generating potential. The company's filing status is listed as Active and its File Number is Z20028239. So, I speak -- they'll speak to the upstream piece. And Asit, I would say, one of the benefits that we had, if you can call it a benefit, is having gone through this in sort of Q4 of 2018 and the early part of 2019. Let's conquer your financial goals together...faster. But this is an extraordinarily important industry for the country. OK. And I was also wondering about the strategy on the financing strategy as you look further out. Certainly. And as you get down toward the all-time historic lows of the commodity, for example, WTI or WCS. If I recall, during November 2018, I remember production across Foster Creek and Christina Lake was taken down by about 100,000 barrels per day. So, what we're doing just now is really just optimizing value rather than volume. Cenovus Energy (NYSE:CVE)Q1 2020 Earnings CallApr 29, 2020, 11:00 a.m. Now, in terms of sort of our cash burn on our profile, you're right. And Alex, and I are, and Keith are, absolutely aligned on this, that the best hedging policy is to have a bulletproof balance sheet. But I do expect we're going to start seeing a real improvement on the downstream side in demand heading into the summer. These advisories describe the forward-looking information, non-GAAP measures and oil and gas terms referred to today and outline the risk factors and assumptions relevant to this discussion. Good morning. So, Manav, what we sourced condensate from two pools, we resource condensate from Western Canada, and we also source condensate from the US from Mont Belvieu. Just to kind of add to Norrie's comments, we are continuing to steam the reservoirs.
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