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Canadian oil company, Cenovus Energy Inc. (CVE - Snapshot Report) announced the completion of its debt refinancing activity announced on Jun 6. Under the refinancing activity, the company offered senior notes of $800 million in two equal series, carrying coupon rates of 3.8% and 5.2% with maturity in 2023 and 2043, respectively.

The proceeds from this offering, along with its existing cash and borrowings will be utilized to redeem an equivalent amount of senior notes bearing an interest rate of 4.5%, due in 2014.

Headquartered in Calgary, Alberta, Cenovus is an integrated oil company with ownership interest in two high-quality refineries in Illinois and Texas. Cenovus’ operations include increasing oil projects and growing natural gas and crude oil production in Alberta and Saskatchewan. The company has four top-quality enhanced oil projects, namely, Foster Creek, Christina Lake, Pelican Lake and Weyburn.

Cenovus enjoys the benefits of industry-leading oil sands assets that position it for long-term growth. We believe the company will remain focused on improving its operational efficiency throughout 2013.

However, Cenovus reported weaker-than-expected second quarter 2013 results due to lower crude oil price realizations. Earnings per share came in at 20 cents, missing the Zacks Consensus Estimate of 48 cents.

Cenovus currently carries a Zacks Rank #5 (Strong Sell), implying that it will underperform the broader U.S. equity market over the next one to three months.

Meanwhile, in the energy sector, firms that are expected to significantly outperform the broader U.S. equity market over the same time frame are Matador Resources Company (MTDR - Snapshot Report), Seacor Holdings Inc. (CKH), and Magellan Midstream Partners LP (MMP - Analyst Report). All three firms sport a Zacks Rank #1 (Strong Buy).

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