12:13 PM EDT, 07/29/2024 (MT Newswires) -- UBS on Monday outlined key items of focus for second-quarter results from oil-sands producers Cenovus Energy ( CVE ) , Imperial Oil ( IMO ) and Canadian Natural Resources ( CNQ ).

"Wild fires are still burning across Canada's main oil and gas-producing province. We believe these fires and any potential impact on production will be the focus of the earnings call. As it relates to CVE, investors would be hoping CVE confirms that it has hit the net debt target of C$4Bn. We expect 2Q24 buybacks to be at least double of 1Q24 so CVE has already increased shareholders. CVE had announced 30% increase to dividend on its 1Q24 call. Recently we have seen a rebound in Chicago cracks which would be a tailwind for 3Q24. IMO announced it's restarting NCIB, company plans to buy up to 5% of outstanding shares or a max of 26.8M shares in the next 12 months. Investors would likely want to know from IMO are they planning to accelerate the pace of buybacks and complete them in 6 months vs. 12 months. CNQ had heavy turnaround quarter and investors will likely be interested in company reiterates guidance which would imply Oil Sands mining and upgrade operations much harder in 2H 24 compared to 1H 24," the investment bank noted.

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