Oil and gas industry’s service sector could be ‘completely decimated’ without fast, beefed-up aid package [Toronto Globe and Mail (Ontario, Canada)]
Cenovus Energy Inc (CVE)
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Source: Toronto Globe and Mail
Oil and gas industry’s service sector could be ‘completely decimated’ without fast, beefed-up aid package Saskatchewan-based oil service company Fast Trucking Service Ltd. has weathered every energy sector storm – an oil glut in the 1980s, the 2008 financial crisis, a 2014 price drop – since it opened shop in 1957. This time, president Dennis Day has no idea what’s in store. This downturn hit hard and fast. Last week, his company parked its trucks, removed their plates and cancelled the insurance to save some money. On Friday, he laid off 225 of his 350 employees. With Canadian oil and gas producers dialling back production and cutting capital spending by about $6.6-billion in a bid to protect their balance sheets, energy service companies are facing an unprecedented slowdown that threatens the sector’s viability. The Canadian Association of Oilwell Drilling Contractors (CAODC) has sent an SOS to Ottawa, pleading for urgent help as the battered energy sector awaits news on a series of
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News
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- Thursday's analyst upgrades and downgrades [Globe and Mail, The (Toronto, Canada)]Globe and Mail, The
- Wednesday's Insider Report: CEO invests $1-million in this large-cap dividend stock [Globe and Mail, The (Toronto, Canada)]Globe and Mail, The
- Cenovus Energy Inc. (NYSE: CVE) was downgraded by analysts at StockNews.com from a "buy" rating to a "hold" rating.MarketBeat
- Outlook for Cenovus Energy Stock in 2025 [Yahoo! Finance Canada]Yahoo! Finance Canada
CVE
Earnings
- 10/31/24 - Beat
CVE
Sec Filings
- 12/20/24 - Form S-8
- 12/12/24 - Form 6-K
- 12/5/24 - Form SC
- CVE's page on the SEC website