02:41:50 EDT Wed 16 Jul 2025
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Cenovus Energy Inc
Symbol CVE
Shares Issued 1,823,998,476
Close 2025-02-21 C$ 20.75
Market Cap C$ 37,847,968,377
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Globe says Cenovus eyes Asia market for crude oil

2025-02-21 07:48 ET - In the News

The Globe and Mail reports in its Friday, Feb. 21, edition that Cenovus Energy may increase crude shipments to Asia if the U.S. implements a 10-per-cent tariff on Canadian energy imports. The Globe's Emma Graney writes that this follows U.S. President Donald Trump's earlier threat of tariffs, though a 30-day pause was granted. While there is limited support for imposing export restrictions, Canadian producers are exploring alternative plans to mitigate potential financial impacts. In the case of Calgary-based Cenovus that means Asia, said Geoff Murray, executive vice-president of commercial operations, on Thursday. The expanded Trans Mountain pipeline system is running at capacity for contracted volumes, with the destination of the oil that hits the West Coast split about 50/50 between Asia and California, Mr. Murray told analysts on an earnings call. Tariffs, however, would mean an economic rebalance that tips further toward Asia, he said. He added, "We expect that would obviously drive as much volume as possible through Trans Mountain -- perhaps beyond the contracted capacity, provided that that volume could find a home on the dock -- and then it would preferentially head globally, rather than to California."

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