Tariffs could force rebalancing away from U.S. for oil exports: Cenovus CEO [Video]

The threat of U.S. tariffs on Canadian energy won’t affect planned spending by Cenovus Energy Inc., but the company says such levies may prompt a “rebalancing away from the United States” when it comes to where it ships its oil.

U.S. President Donald Trump’s plan to slap widespread tariffs on U.S. imports of Canadian goods is on hold until March. Trump had previously signed an executive order that would impose a 10 per cent tax on Canadian energy products, along with 25 per cent tariffs on all other goods.

Speaking on Cenovus’s fourth-quarter earnings call on Thursday, president and CEO Jon McKenzie said the tariffs could affect “so many of the variables that impact our cash flow,” including oil prices.

“But there’s also knock-on impacts on the price of condensate, the price of natural gas, which are all inputs to our business,” McKenzie told analysts.

He added U.S. refining margins and foreign …