Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) continued to deliver
safe and reliable operations and strong financial performance in
the second quarter of 2022. Upstream production of 762,000 barrels
of oil equivalent per day (BOE/d)1 and downstream throughput of
more than 457,000 barrels per day (bbls/d) included the impact of
significant planned turnaround and maintenance activities during
the quarter. Aligned with the company’s shareholder returns
framework, Cenovus delivered more than $1 billion to shareholders
in common share purchases under its Normal Course Issuer Bid (NCIB)
for the second quarter, in addition to the company's base dividend.
“We executed on our commitment of returning 50% of excess free
funds flow to shareholders in the quarter while maintaining strong
operational and financial performance during a period of
significant planned turnarounds and maintenance,” said Alex
Pourbaix, Cenovus President & Chief Executive Officer. “And
we’re well positioned for even better performance in the second
half of the year as our assets return to operating at normal rates
across the portfolio.”
Second-quarter results highlights
- Generated cash from operating activities of nearly $3.0
billion, adjusted funds flow of $3.1 billion, free funds flow of
$2.3 billion and excess free funds flow of approximately $2.0
billion.
- Reduced long-term debt, including current portion, to $11.2
billion and net debt to $7.5 billion at quarter end.
- Released Cenovus’s 2021 environmental, social and governance
(ESG) report today, detailing overall sustainability performance
and progress on the company’s ESG targets.
Financial, production & throughput
summary |
(For the period ended June 30) |
2022 Q2 |
2022 Q1 |
% change |
2021 Q2 |
% change |
Financial ($ millions, except per share
amounts) |
Cash from operating activities |
2,979 |
1,365 |
118 |
1,369 |
118 |
Adjusted funds flow2 |
3,098 |
2,583 |
20 |
1,817 |
71 |
Per share (basic)2 |
1.57 |
1.30 |
|
0.90 |
|
Per share (diluted)2 |
1.53 |
1.27 |
|
0.89 |
|
Capital investment |
822 |
746 |
10 |
534 |
54 |
Free funds flow2 |
2,276 |
1,837 |
24 |
1,283 |
77 |
Excess free funds flow2 |
2,020 |
2,615 |
(23) |
1,244 |
62 |
Net earnings (loss) |
2,432 |
1,625 |
50 |
224 |
986 |
Per share (basic) |
1.23 |
0.81 |
|
0.11 |
|
Per share (diluted) |
1.19 |
0.79 |
|
0.11 |
|
Long-term debt, including current portion |
11,228 |
11,744 |
(4) |
13,380 |
(16) |
Net debt |
7,535 |
8,407 |
(10) |
12,390 |
(39) |
Production and throughput (before royalties,
net to Cenovus) |
Oil and NGLs (bbls/d)1 |
614,200 |
654,500 |
(6) |
614,900 |
|
Conventional natural gas (MMcf/d) |
882 |
865 |
2 |
906 |
(3) |
Total upstream production (BOE/d)1 |
761,500 |
798,600 |
(5) |
765,900 |
|
Total downstream throughput (bbls/d) |
457,300 |
501,800 |
(9) |
539,000 |
(15) |
1 See Advisory for production by product type. 2 Non-GAAP
financial measure or contains a non-GAAP financial measure. See
Advisory.
2022 capital budget and guidance update
Cenovus has updated its 2022 corporate guidance, mainly to
reflect changes in the commodity price environment, the restart of
the West White Rose Project, the Sunrise oil sands acquisition,
accelerated upstream development activity and increased downstream
operating costs. The updated guidance is available on Cenovus’s
website under Investors.
Changes to the company’s 2022 guidance include:
- Increased total capital investments
for the year by $400 million at the mid-point to an updated range
of $3.3 billion to $3.7 billion.
- Oil Sands capital guidance has
increased by $200 million at the mid-point, related to higher
planned investments at Sunrise following the anticipated
third-quarter closing of the previously announced acquisition of
the remaining 50% partnership interest as well as incremental
capital at Foster Creek, Christina Lake and Lloydminster thermals
to support continued optimization of the assets, including adding
shorter-cycle production opportunities and increased delineation
drilling to speed well pad development.
- Capital guidance for the Offshore
segment has increased by about $100 million to include preliminary
work on the West White Rose Project restart.
- Capital guidance for the Conventional
segment has increased by $100 million at the mid-point to account
for inflation of labour and equipment costs, increased scope of
drilling activity in the second half of 2022 as well as for asset
integrity and emissions reduction initiatives.
- Updated total upstream production guidance to between 780,000
BOE/d and 810,000 BOE/d, an increase of 15,000 BOE/d at the
midpoint, to reflect the expected closing of the agreement to
purchase the remaining 50% partnership interest in the Sunrise oil
sands project.
- Increased unit operating expenses across the Downstream
business to capture the outlook for strong natural gas prices,
extended turnaround activity at the non-operated Wood River, Borger
and Toledo refineries, and inflationary pressures on labour costs,
and chemical and electricity prices in the U.S. and Canada.
- Revised the range for expected cash taxes to between $2.3
billion and $2.6 billion for the year, reflecting higher commodity
price assumptions and increased profitability across Cenovus’s
businesses.
Second-quarter resultsIn the second quarter of
2022, Cenovus again delivered strong operating and financial
results, driven by the company’s continued safe and reliable
operating performance and low cost structure, as well as stronger
commodity prices.
Operating results1Cenovus’s
total revenues in the second quarter increased to $19.2 billion
from $16.2 billion in the first quarter of 2022, driven by higher
average commodity and realized sales prices for the company’s
products across the Upstream and Downstream businesses. Upstream
revenues were $10.1 billion in the second quarter, compared with
$9.7 billion in the previous quarter. Downstream revenues were
$10.8 billion in the quarter, compared with $8.2 billion in the
first quarter.
Total operating margin3 was nearly $4.7 billion, compared with
$3.5 billion in the first quarter. Upstream operating margin4 was
more than $3.8 billion, compared with about $2.9 billion in the
first quarter. Downstream operating margin4 rose to $847 million in
the second quarter from $544 million in the first quarter. The
increase was due to U.S. Manufacturing operating margin of $793
million in the quarter, compared with $423 million in the first
quarter, driven mainly by strong market crack spreads, which more
than doubled from the previous quarter.
Cenovus produced 761,500 BOE/d in the second quarter, down from
first-quarter production of nearly 800,000 BOE/d due to a planned
turnaround at Christina Lake. Christina Lake production was 228,800
bbls/d in the second quarter, down from 254,100 bbls/d in the first
quarter. Foster Creek production of 187,800 bbls/d in the second
quarter, compared with 197,900 bbls/d in the first quarter,
reflected anticipated declines in volumes from wells brought on in
late 2021. After a thorough mechanical and safety assessment, a
turnaround initially scheduled for the third quarter of 2022 at
Foster Creek has been deferred to the second quarter of 2023. At
the Lloydminster thermal projects, second-quarter production
increased by more than 2,000 bbls/d from the previous quarter to
98,400 bbls/d. The 10,000 bbls/d Spruce Lake North project remains
on track for first oil in the third quarter with steam injection
already underway. Offshore production was 70,100 BOE/d in the
second quarter compared with 76,400 BOE/d in the first quarter,
mainly due to planned maintenance and lower contracted sales
volumes at the Liwan 3-1 field in China. The sales volume decline
is partially offset by the finalization of an agreement to increase
natural gas sales at Liuhua 29-1. Cenovus’s Conventional production
rose 6% in the second quarter from the previous period to 132,600
BOE/d, due to the company’s successful drilling program, well
reactivation and recompletion work done in the first quarter.
The Canadian Manufacturing segment had crude utilization of 73%
and throughput of 80,900 bbls/d, compared with 89% and 98,100
bbls/d in the first quarter. The lower utilization rate was due to
planned turnaround activity at both the Lloydminster Upgrader and
Lloydminster Refinery, which was completed in the second quarter.
Canadian Manufacturing had second-quarter operating margin of $47
million compared with $114 million in the first quarter, mainly due
to the lower throughput and higher expenses associated with the
turnarounds.
In the U.S. Manufacturing segment, crude utilization of 75% and
throughput of 376,400 bbls/d were lower than in the first quarter
of 2022 as the non-operated Toledo, Wood River and Borger
refineries were impacted by planned turnarounds and extended
maintenance activities. The lower throughput and higher expenses
associated with the turnaround activities were offset by higher
market crack spreads, which drove a significantly improved
operating margin of $793 million in the second quarter compared
with an operating margin of $423 million in the first quarter. The
Lima Refinery had strong operating performance in the second
quarter, achieving 91% utilization.
The turnaround activity at the Wood River and Borger refineries
is done, with work substantially complete in July at Toledo.
Cenovus expects to be well positioned for stronger operational
momentum in the second half of the year.
3Non-GAAP financial measure. Total operating margin is the total
of Upstream operating margin plus Downstream operating margin. See
Advisory.4Specified financial measure. See Advisory.
Financial resultsCash from operating activities
was almost $3.0 billion and adjusted funds flow was nearly $3.1
billion in the quarter. Free funds flow of $2.3 billion included
capital investment of $822 million, primarily to sustain production
and throughput levels, as well as work to complete the Superior
Refinery rebuild. Long-term debt, including the current portion,
was reduced to $11.2 billion as at June 30, 2022, down from $11.7
billion at the end of the first quarter. Net debt declined to $7.5
billion as at June 30, 2022, down nearly $900 million from March
31, 2022.Cash flows were impacted in the second quarter by a
realized risk management loss of $664 million related to Cenovus’s
risk management program. On April 4, 2022 the company announced its
crude oil sales price risk management activity related to West
Texas Intermediate (WTI) would no longer be required. By June 30,
2022 all WTI risk management contracts related to crude oil sales
were closed.
The company recorded a current tax expense of $902 million in
the second quarter, related to taxable income arising in Canada,
the U.S. and the Asia Pacific region. The increase is due to higher
taxable income from the company’s financial performance largely
driven by stronger commodity prices.
During the quarter, Cenovus sold its remaining investment in
Headwater Exploration Inc. for cash proceeds of $110 million. The
previously announced $420 million sale of Cenovus’s retail fuels
network continues to progress through regulatory approvals, with an
anticipated close in the third quarter. Cenovus also expects to
complete its acquisition of the remaining 50% partnership interest
in the Sunrise oil sands asset during the third quarter.
Cenovus had net earnings of $2.4 billion in the second quarter,
compared with $1.6 billion in the first quarter. The increase in
net earnings was primarily due to increased operating margin, an
unrealized risk management gain and a lower charge for the
ConocoPhillips contingent payment, partially offset by a higher
income tax expense, an unrealized foreign exchange loss and higher
general and administrative costs driven by long-term incentive
costs. On May 17, 2022 the contingent payment obligation associated
with the 2017 acquisition from ConocoPhillips ended. The final
payment of $177 million will be made in July 2022.
2022 planned maintenanceThe following table
provides details on planned turnaround activities at Cenovus assets
in 2022 and anticipated production or throughput impacts.
2022 planned maintenance |
Potential quarterly production/throughput impact
(Mbbls/d) |
|
Q3 |
Q4 |
Upstream |
Foster Creek |
Deferred |
|
Lloydminster thermals |
1 - 2 |
|
Downstream |
U.S. Manufacturing |
5 – 10 |
2 – 6 |
Dividend declarations and share purchasesThe
Board has declared a base dividend of $0.105 per share, payable on
September 29, 2022 to common shareholders of record as of September
15, 2022.
Cenovus continues to execute its ongoing NCIB program, approved
in the fourth quarter of 2021, which allows the company to purchase
up to 146.5 million of its common shares. In the second quarter,
the company purchased approximately 43 million shares, delivering
more than $1 billion to shareholders under the NCIB program. In
accordance with Cenovus’s shareholder returns framework, the
company met its return to shareholders target for the quarter
exclusively through share buybacks. Subsequent to the end of the
quarter, as of July 27, 2022, the company had purchased about 19
million shares, for approximately $425 million. Since the NCIB
program began in November 2021, Cenovus has purchased approximately
104 million common shares, to deliver $2.2 billion in returns to
shareholders.The Board also declared a second-quarter dividend on
each of the Cumulative Redeemable First Preferred Shares – Series
1, Series 2, Series 3, Series 5 and Series 7 – payable on October
3, 2022 to shareholders of record as of September 15, 2022 as
follows:
Preferred shares dividend summary |
|
Rate (%) |
Amount ($/share) |
Share series |
Series 1 |
2.577 |
0.16106 |
Series 2 |
3.207 |
0.20209 |
Series 3 |
4.689 |
0.29306 |
Series 5 |
4.591 |
0.28694 |
Series 7 |
3.935 |
0.24594 |
All dividends paid on Cenovus’s common and preferred shares will
be designated as “eligible dividends” for Canadian federal income
tax purposes. Declaration of dividends is at the sole discretion of
the Board and will continue to be evaluated on a quarterly
basis.
SustainabilityCenovus released its 2021 ESG
report today, which is now available on the company’s website. The
report updates progress towards targets in Cenovus’s five ESG focus
areas: climate & greenhouse gas emissions, water stewardship,
biodiversity, Indigenous reconciliation and inclusion &
diversity.
Milestones in 2021 include:
- Reducing methane emissions by 25%
from 2020 levels.
- Spending $215 million with Indigenous
businesses, with the cumulative amount now more than half way to
the company’s target of at least $1.2 billion in expenditures
between 2019 and year-end 2025.
- Reclaiming 421 decommissioned well
sites.
- Meeting the target of reducing fresh
water intensity by 20% in oil sands operations relative to
2019.
In 2021, scope 1 and 2 net-equity emissions remained flat
year-over-year, and were down slightly from 2019. Cenovus remains
committed to its target to reduce absolute emissions by 35% on a
net-equity basis by year-end 2035. The company evaluated the
feasibility of carbon capture and storage (CCS) at the Minnedosa
Ethanol Plant and Elmworth natural gas processing plant, initiated
a technology screening study to determine the optimal carbon
capture technology at the Lloydminster Upgrader and completed a
feasibility study for the construction of a CCS project at
Christina Lake. Further efforts to reduce emissions include plans
to scale up methane reduction initiatives across additional
conventional oil and natural gas production sites. As Cenovus
advances toward its long-term ambition of net zero emissions by
2050, it also continues to work with the Pathways Alliance,
including progressing the alliance’s foundational carbon capture
project.
Conference call today9 a.m. Mountain Time
(11 a.m. Eastern Time)Cenovus will host a conference call
today, July 28, 2022, starting at 9 a.m. MT (11 a.m. ET).To
participate, please dial 800-263-0877 (toll-free in North America)
or 647-794-1825 approximately 10 minutes prior to the conference
call. A live audio webcast will also be available and will be
archived for approximately 90 days. |
Advisory
Basis of
PresentationCenovus reports financial results in
Canadian dollars and presents production volumes on a net to
Cenovus before royalties basis, unless otherwise stated. Cenovus
prepares its financial statements in accordance with International
Financial Reporting Standards (IFRS).
Barrels of Oil
EquivalentNatural gas volumes have been
converted to barrels of oil equivalent (BOE) on the basis of six
thousand cubic feet (Mcf) to one barrel (bbl). BOE may be
misleading, particularly if used in isolation. A conversion ratio
of one bbl to six Mcf is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not
represent value equivalency at the wellhead. Given that the value
ratio based on the current price of crude oil compared with natural
gas is significantly different from the energy equivalency
conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is
not an accurate reflection of value.
Product types
Product type by operating segment |
|
Three months ended June 30,
2022 |
Oil Sands |
Bitumen (Mbbls/d) |
540.3 |
Heavy crude oil (Mbbls/d) |
16.4 |
Conventional natural gas (MMcf/d) |
12.0 |
Total Oil Sands segment production (BOE/d) |
558.8 |
Conventional |
Light crude oil (Mbbls/d) |
7.5 |
Natural gas liquids (Mbbls/d) |
24.7 |
Conventional natural gas (MMcf/d) |
601.2 |
Total Conventional segment production (BOE/d) |
132.6 |
Offshore |
Light crude oil (Mbbls/d) |
13.3 |
Natural gas liquids (Mbbls/d) |
12.0 |
Conventional natural gas (MMcf/d) |
269.0 |
Total Offshore segment production (BOE/d) |
70.1 |
Total upstream production (BOE/d) |
761.5 |
Forward‐looking
InformationThis news release contains certain
forward‐looking statements and forward‐looking information
(collectively referred to as “forward‐looking information”) within
the meaning of applicable securities legislation, including the
U.S. Private Securities Litigation Reform Act of 1995, about
Cenovus’s current expectations, estimates and projections about the
future of the company, based on certain assumptions made in light
of experiences and perceptions of historical trends. Although
Cenovus believes that the expectations represented by such
forward‐looking information are reasonable, there can be no
assurance that such expectations will prove to be correct.
Forward‐looking information in this document is identified by
words such as “achieve”, “anticipate”, “continue”, “deliver”,
“expect”, “focus”, “positioned”, “target”, and “will” or similar
expressions and includes suggestions of future outcomes, including,
but not limited to, statements about: general and 2022 priorities;
performance in the second half of 2022; achieving production
capacity and first oil at the Spruce Lake North thermal project;
natural gas sales at Liuhua 29-1; timing of turnarounds and
maintenance; closing of the retail fuels network sale; upstream
production, downstream throughput, and downstream operations and
performance; closing of the transaction to acquire the 50% working
interest in the Sunrise oil sands asset and restart of the West
White Rose Project; cash taxes; the final contingent payment
associated with the 2017 ConocoPhillips asset acquisition;
delivering total shareholder returns beyond the base dividend
through share buybacks under the NCIB and variable dividends in
accordance with the shareholder returns framework; ESG focus areas,
targets, and ambitions, including GHG emissions reductions through
the Pathways Alliance; and progressing GHG-reducing technologies,
including carbon capture and storage projects.
Developing forward‐looking information involves reliance on a
number of assumptions and consideration of certain risks and
uncertainties, some of which are specific to Cenovus and others
that apply to the industry generally. The factors or assumptions on
which the forward‐looking information in this news release are
based include, but are not limited to: the allocation of free funds
flow to reducing net debt; commodity prices, inflation and supply
chain constraints; Cenovus’s ability to produce on an unconstrained
basis; Cenovus’s ability to access sufficient insurance coverage to
pursue development plans; Cenovus’s ability to deliver safe and
reliable operations and demonstrate strong governance; and the
assumptions inherent in Cenovus’s updated 2022 Guidance available
on cenovus.com.
The risk factors and uncertainties that could cause actual
results to differ materially from the forward‐looking information
in this news release include, but are not limited to: the accuracy
of estimates regarding commodity prices, inflation, operating and
capital costs and currency and interest rates; risks inherent in
the operation of Cenovus’s business; and risks associated with
climate change and Cenovus’s assumptions relating thereto.
Except as required by applicable securities laws, Cenovus
disclaims any intention or obligation to publicly update or revise
any forward‐looking statements, whether as a result of new
information, future events or otherwise. Readers are cautioned that
the foregoing lists are not exhaustive and are made as at the date
hereof. Events or circumstances could cause actual results to
differ materially from those estimated or projected and expressed
in, or implied by, the forward‐looking information. For additional
information regarding Cenovus’s material risk factors, the
assumptions made, and risks and uncertainties which could cause
actual results to differ from the anticipated results, refer to
“Risk Management and Risk Factors” and “Advisory” in Cenovus’s
Management Discussion and Analysis (MD&A) for the periods ended
December 31, 2021 and June 30, 2022, and to the risk factors,
assumptions and uncertainties described in other documents Cenovus
files from time to time with securities regulatory authorities in
Canada (available on SEDAR at sedar.com, on EDGAR at sec.gov and
Cenovus’s website at cenovus.com).
Specified Financial Measures This news release
contains references to certain specified financial measures that do
not have standardized meanings prescribed by IFRS. Readers should
not consider these measures in isolation or as a substitute for
analysis of the company’s results as reported under IFRS. These
measures are defined differently by different companies and,
therefore, might not be comparable to similar measures presented by
other issuers. For information on the composition of these
measures, as well as an explanation of how the company uses these
measures, refer to the Specified Financial Measures Advisory
located in Cenovus’s MD&A for the period ended June 30, 2022,
(available on SEDAR at sedar.com, on EDGAR at sec.gov and on
Cenovus's website at cenovus.com) which is incorporated by
reference into this news release.
Upstream Operating Margin and Downstream Operating
Margin
Upstream Operating Margin and Downstream Operating Margin, and
the individual components thereof, are included in Note 1 to the
interim Consolidated Financial Statements.
Total Operating Margin
Total Operating Margin is the total of Upstream Operating Margin
plus Downstream Operating Margin.
|
Upstream |
|
Downstream |
|
Total |
Three Months Ended ($ millions) |
June 30, 2022
(1) |
|
March 31, 2022 (2) |
|
June 30, 2022 (1) |
|
March 31, 2022 (2) |
|
June 30, 2022 |
|
March 31, 2022 |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Gross Sales |
11,685 |
|
10,897 |
|
10,844 |
|
|
8,247 |
|
22,529 |
|
19,144 |
Less: Royalties |
1,582 |
|
1,185 |
|
- |
|
|
- |
|
1,582 |
|
1,185 |
|
10,103 |
|
9,712 |
|
10,844 |
|
|
8,247 |
|
20,947 |
|
17,959 |
Expenses |
|
|
|
|
|
|
|
|
|
|
|
Purchased Product |
1,461 |
|
1,818 |
|
9,046 |
|
|
6,946 |
|
10,507 |
|
8,764 |
Transportation and Blending |
3,238 |
|
3,194 |
|
(2 |
) |
|
2 |
|
3,236 |
|
3,196 |
Operating |
1,010 |
|
909 |
|
866 |
|
|
645 |
|
1,876 |
|
1,554 |
Realized (Gain) Loss on Risk Management |
563 |
|
871 |
|
87 |
|
|
110 |
|
650 |
|
981 |
Operating
Margin |
3,831 |
|
2,920 |
|
847 |
|
|
544 |
|
4,678 |
|
3,464 |
(1) Found in Note 1 of the June 30, 2022,
interim Consolidated Financial Statements.(2) Found in Note 1
of the March 31, 2022, interim Consolidated Financial Statements.
Purchased product and transportation and blending have been
adjusted for the change in presentation of product swaps and
certain third-party purchases used in blending and optimization
activities, and to more appropriately reflect the cost of blending.
See Note 3 of the June 30, 2022, interim Consolidated Financial
Statements.
Adjusted Funds Flow, Free Funds Flow and
Excess Free Funds Flow
The following table provides a reconciliation of cash from (used
in) operating activities found in Cenovus’s Consolidated Financial
Statements to Adjusted Funds Flow, Free Funds Flow and Excess Free
Funds Flow. Adjusted Funds Flow per share is calculated by dividing
Adjusted Funds Flow by the weighted average number of common shares
outstanding during the period and may be useful to evaluate a
company’s ability to generate cash.
Three Months Ended ($ millions) |
|
|
June 30, 2022 |
|
March 31, 2022 |
|
June 30, 2021 |
Cash From (Used in) Operating Activities (1) |
|
|
2,979 |
|
|
1,365 |
|
|
1,369 |
|
(Add) Deduct: |
|
|
|
|
|
|
|
Settlement of Decommissioning Liabilities |
|
|
(27 |
) |
|
(19 |
) |
|
(18 |
) |
Net Change in Non-Cash Working Capital |
|
|
(92 |
) |
|
(1,199 |
) |
|
(430 |
) |
Adjusted Funds
Flow |
|
|
3,098 |
|
|
2,583 |
|
|
1,817 |
|
Capital Investment |
|
|
822 |
|
|
746 |
|
|
534 |
|
Free Funds
Flow |
|
|
2,276 |
|
|
1,837 |
|
|
1,283 |
|
Add (Deduct): |
|
|
|
|
|
|
|
Base Dividends Paid on Common Shares |
|
|
(207 |
) |
|
(69 |
) |
|
(36 |
) |
Dividends Paid on Preferred Shares |
|
|
(8 |
) |
|
(9 |
) |
|
(8 |
) |
Settlement of Decommissioning Liabilities |
|
|
(27 |
) |
|
(19 |
) |
|
(18 |
) |
Principal Repayment of Leases |
|
|
(75 |
) |
|
(75 |
) |
|
(77 |
) |
Acquisition Costs |
|
|
(1 |
) |
|
- |
|
|
- |
|
Proceeds From Divestitures, Net |
|
|
62 |
|
|
950 |
|
|
100 |
|
Excess Free Funds
Flow |
|
|
2,020 |
|
|
2,615 |
|
|
1,244 |
|
(1) Found in the June 30, 2022, or March
31, 2022, interim Consolidated Financial Statements.
Cenovus Energy Inc.
Cenovus Energy Inc. is an integrated energy company with oil and
natural gas production operations in Canada and the Asia Pacific
region, and upgrading, refining and marketing operations in Canada
and the United States. The company is focused on managing its
assets in a safe, innovative and cost-efficient manner, integrating
environmental, social and governance considerations into its
business plans. Cenovus common shares and warrants are listed on
the Toronto and New York stock exchanges, and the company’s
preferred shares are listed on the Toronto Stock Exchange. For more
information, visit cenovus.com.
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Cenovus Energy (NYSE:CVE)
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Cenovus Energy (NYSE:CVE)
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