Sure, Alex. Thanks, Harry. Obviously, the aviation industry is one that comes quickly to mind or the hospitality industry. But I will tell you that I do worry that if this -- I think right now, it's kind of been an interesting experiment for five or six weeks.

Virtually all of our office staff and some of our field staff who don't need to be at sight for our operations to continue running safely and smoothly, have been directed to work from home. I do want to provide you with some color on what's behind the financial results we reported this morning, and I want to talk about how Cenovus is positioned to navigate through the rest of this current downturn, what I think our potential is over the longer term. We cut planned capital spending by $600 million and released our forecast operating results for this year by about $100 million. Just curious to see how you see that balance out as you kind of look at your input costs over the medium term? And I think one observation that everybody is having is maybe we don't need to have all these face-to-face meetings that used to plague our most companies and most industries. And right now, we have a reasonable cushion. There's many other industries that have been similarly affected. Yeah. Next question comes from Asit Sen with Bank of America. We've also got 4.5 billion, as you know, in our syndicated facilities. I don't think we've necessarily seen capex at such low levels. Next question is Fai Lee with Odlum Brown. Phil, it's Jon again. Great. We've got 1.6 of uncommitted bilaterals. Thanks, Greg. One of the things, Harry, that we have been absolutely clear about in this company is that we really value those investment-grade ratings. The company's filing status is listed as Active and its File Number is Z20028239. So, altogether, we're up to 5.6 billion of banking facilities today. I just think I'm much less inclined to hedge. Benny, it's Alex.

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Fai Lee -- Barclays Capital, Inc. -- Analyst. I believe that reflects the true underlying strength of our assets, our financial position and our business plan. But one of the other things, obviously, we are looking at is kind of demand for the product and inventory levels. Chris, I mean, my observation right now from -- and I preface this by saying that we don't have any sort of unique insight into this other than our own production. Alex, my follow-up is perhaps for you.

I think -- I mean, there's been a lot of talk about this, and we have had a significant discussion with both the Alberta government and the federal government about the need for incremental liquidity support. But you're going to come out of the cycle with higher debt than you had going in, and now you have two of your three credit ratings below investment grade. We have tapped the US market in the past. Hi, guys. And particularly the larger side of the industry, the government, the Feds did announce some support at the smaller side of the business. As you know, the balance sheet has always been a top priority for us. Stock Advisor launched in February of 2002. OK. And you're right, apologies for overlooking the Deep RS rating. And I just hate to follow-up on the earlier question on the dynamic storage. So, all in, it's about 6.7 billion. And that's how probably you can best model it, understanding the sensitivities all around that. Can you help us understand a little bit how the condensate price lag was a headwind in 1Q and as condensate prices have come in materially, how should we expect that to help you in terms of bitumen realizations as we go into 2Q and 3Q? The quarterly results have been presented in Canadian dollars and on are before royalties basis. Stock analysis for Cenovus Energy Inc (CVE:Toronto) including stock price, stock chart, company news, key statistics, fundamentals and company profile. So, I guess, should we expect to see -- I guess, maybe you could just elaborate a little bit more on how that would influence 2Q and going forward in terms of your transportation costs, and whether there is any flexibility around this? It's Norrie Ramsay here. Yeah, sure. The company's filing status is listed as Active and its File Number is Z16356966. At our field operations, we've reduced the number of staff on site, establish the extensive physical distancing measures, stepped up cleaning procedures, implemented active screening for people traveling to site, brought in mandatory self-isolation policies and we've restricted business travel. The Company comprises natural gas, crude oil, and natural gas liquids reserves. The markets will recover. On March 9 and again, on April 2, we took advantage of the flexibility in our business to make significant adjustments to our 2020 budget and business plan. 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.
But I think it's fair to say that that does not apply to the entire industry. And you'll see in our results, we were still moving about 100,000 barrels a day through the quarter, that will be ramped down or is ramped down as of today. Alex, good morning. I think you should think about us as we come out of this moving back up to that kind of a 4 to $6 kind of range you've seen us give guidance on in the past. And I think this is kind of where you're going with your question, Benny. What I would tell you, my observation is right now, my company seems to be maintaining high levels of productivity. And there -- and I don't want to suggest that there are no discussions going on.

And thanks for the question, Benny. We have two of four investment grade ratings, it's not one of three. As we dialed back production with dynamic storage, we did a great deal of analysis at that time. Is this the implementation of dynamics storage that you've used successfully in the past? Kevin, that's a really good question, and it's something we spend a lot of time thinking about, and I personally spend a lot of time thinking about. Yeah. I think we're quite confident that that kind of capital expenditure you're seeing or that we've announced, we can maintain that without much difficultly, certainly for the balance of the year.

Cenovus is a Canadian integrated oil and natural gas company headquartered in Calgary. ET. And I think the one thing I would say about it, one of the benefits of our business is we have very, very low variable cost of production. The Registered Agent on file for this company is The Corporation Trust Incorporated and is located at 2405 York Road Suite 201, Lutherville Timonium, MD 21093-2264. I had a couple of questions on the G&A front. So, market access for the oil sands producers is a significant opportunity, and it looks like some of those projects are progressing. So, that was really the message that I was sending. But we can certainly keep at this level, while maintaining integrity safety and production for an extended period of time. We actively manage that down. But yeah, right now, I think, other than that sort of reduction in our contractor headcount, I think we've pretty much executed on the tough staffing decisions that the company needed to look at. Good morning. As I said in a previous comment with respect to our decisions in the field, we're looking at those on a daily basis, and our decision is very much based on, are we covering our variable costs? A quick follow-up here is you have suspended real contracts. Good day, ladies and gentlemen, and thank you for standing by. So, I speak -- they'll speak to the upstream piece. The company's filing status is listed as Active and its File Number is Z16356966. And at this time, I'll turn the call over to the presenters. So, with that, let's open it up for questions. And I am simply making the point that this is a solution that the industry and the Canadian economy needs in the very short term. Yes, yes. It's a calculated number with all the different components. Obviously, a lot of focus in the market around reaching tank tops and congestion. But this is an extraordinarily important industry for the country. So, we just -- we really -- we kind of gauge it on are there -- is there economics in moving oil by rail? So, if WTI averaged 38 or $28, for example, we would expect our annualized debt to grow by 1.5 to $1.8 billion. While the significant changes in the macroeconomic and business environment over the last couple of months have impacted our recent financial results, the underlying strength and value of our business has not changed. And we've really in a position where all of our add backs have been largely used up.

And then again, you'll see the continued relief on the inventory around the working capital flow through as the full impact of this pricing environment flows through the financial statements. I tend to be pretty simple in how I think about hedging decisions. So, at this stage, we're not putting it into storage. Welcome to Cenovus Energy's first-quarter results. How that situation is playing out? Sure. I know the federal government is considering it. So, what we're doing just now is really just optimizing value rather than volume.

Effective January 1, 2010, the 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. Is that a matter of taking the time to safely reduce production further? And I hope everybody on the line is staying safe and healthy. So, we actually have the ability to utilize that -- those cars for storage, if needed or quickly ramp back up the program if prices indicated or shown. Today's call is a slight departure for us. And I think it's important that the government step in and ensure some liquidity support to bridge these industries through this very tough time period, so they're there and healthy and able to contribute to the recovery. Alex, you talked a little bit about the liquidity measures from the government. Thanks, Chris. During the first quarter, the combination of the sharp decline in benchmark oil prices and widening light heavy differentials in Alberta contributed to a more than 50% drop in realized pricing for our barrels compared to the first quarter of 2019. So, there's nothing to recover from prior years. We are coming to you today, not from our conference room downtown, but via cellphone from our respective home offices. Can you talk about how maybe this environment could have reshaped your views or if you still stand by your prior views? Cenovus was formed on December 1, 2009 when Encana Corporation split into two distinct companies, with Cenovus becoming focused on oil sands assets.. Hey, guys. Cenovus Energy Us LLC is a Maryland Foreign LLC filed on October 18, 2019. Thanks.

It looks like it's certainly very large in relation to what your cash burn might be this year, but just any color around that would be great as to how you see the year unfolding with, obviously, you see a lot of moving pieces right now? But I do expect we're going to start seeing a real improvement on the downstream side in demand heading into the summer. What they're looking for is a temporary safety net.

Let's conquer your financial goals together...faster. OK. And also on the G&A front, given how much you've cut back on doing things and so on. To sum up, we've been proactive about protecting our balance sheet and enhancing our liquidity, and I believe we are in a relatively strong position to navigate the current commodity price environment. We had net debt of $6.5 billion, down almost 2 billion from a year previously. No. We build out some storage capacity for cars at our Bruderheim facility. Yeah.


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