CENOVUS ENERGY $20.58 (Toronto symbol CVE; Shares outstanding: 824.6 million; Market cap: $17.4 billion; TSINetwork Rating: Average; Dividend yield: 5.2%; www.cenovus.com) has temporarily shut down its Foster Creek oil sands project in northern Alberta because forest fires in the area are hindering traffic on the main road to the site.
Cenovus own 50% of Foster Creek, while U.S.-based ConocoPhillips (New York symbol COP) owns the other 50%. In the first quarter of 2015, Cenovus’s share of this project’s output was 68,000 barrels a day, or 31% of the company’s total oil production of 218,000 barrels.
The fires have also forced other oil projects in Alberta to close. In all, these operations account for 9% of the province’s total production. This has pushed up the spot price of Western Canadian crude, which should help Cenovus offset the lost revenue.
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