Company News

BUZZ-Cenovus Energy: Sticks to production forecast despite transportation issues

** Canadian oil and producer’s shares up 5.7 pct at C$12.88 - among top stocks boosting TSX

** Co maintains annual production forecast of 364,000 to 382,000 barrels per day (bpd) despite transportation issues that has widened discount between Canadian crude and U.S. light crude

** CVE expects Canadian railways to be able to move more crude in the second half of the year

** Investor attention migrating toward much more constructive 2019 outlook - Chris Cox, Raymond James analyst

** Production nearly doubles to 359,666 bpd in Q1

** Up to Tuesday’s close, CVE’s shares have risen ~13 pct while U.S. crude has gained ~11 pct this year (Reporting by Yashaswini Swamynathan in Bengaluru)