Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) generated more than $4.0
billion in cash from operating activities, approximately $3.0
billion in adjusted funds flow and nearly $2.1 billion in free
funds flow in the third quarter of 2022, driven by continued strong
operations. Total upstream production was approximately 778,000
barrels of oil equivalent per day (BOE/d)1 and downstream
throughput averaged 533,500 barrels per day (bbls/d). As part of
Cenovus’s commitment to increasing shareholder returns, in addition
to its base dividend, the Board of Directors declared a variable
dividend payable on December 2, 2022 and approved filing an
application with the TSX to renew its normal course issuer bid
(NCIB) for another year.
“Solid operating performance at our upstream assets drove
another strong quarter for Cenovus, even with increased commodity
price volatility,” said Alex Pourbaix, Cenovus President &
Chief Executive Officer. “We are delivering on our shareholder
returns framework, reducing our net debt and providing enhanced
value through continued share buybacks and dividends, including
declaring our first variable dividend.”
Third-quarter highlights
- Reduced long-term debt to less than $8.8 billion and net debt
to about $5.3 billion.
- Delivered $659 million to shareholders through share buybacks
and declared a variable dividend of $219 million or $0.114 per
common share.
- Closed acquisition of remaining 50% stake in Sunrise oil sands
project, which included a cash payment (net of closing adjustments)
of $394 million and a variable payment up to a maximum of $600
million.
- Completed sale of the retail fuels network for net cash
proceeds of $404 million.
Financial, production & throughput
summary |
(For the period ended September 30) |
2022 Q3 |
2022 Q2 |
% change |
2021 Q3 |
% change |
Financial ($ millions, except per share
amounts) |
Cash from operating activities |
4,089 |
2,979 |
37 |
2,138 |
91 |
Adjusted funds flow2 |
2,951 |
3,098 |
(5) |
2,342 |
26 |
Per share (basic)2 |
1.53 |
1.57 |
|
1.16 |
|
Per share (diluted)2 |
1.49 |
1.53 |
|
1.15 |
|
Capital investment |
866 |
822 |
5 |
647 |
34 |
Free funds flow2 |
2,085 |
2,276 |
(8) |
1,695 |
23 |
Excess free funds flow2 |
1,756 |
2,020 |
(13) |
1,626 |
8 |
Net earnings (loss) |
1,609 |
2,432 |
(34) |
551 |
192 |
Per share (basic) |
0.83 |
1.23 |
|
0.27 |
|
Per share (diluted) |
0.81 |
1.19 |
|
0.27 |
|
Long-term debt, including current portion |
8,774 |
11,228 |
(22) |
12,986 |
(32) |
Net debt |
5,280 |
7,535 |
(30) |
11,024 |
(52) |
Production and throughput (before royalties, net to
Cenovus) |
Oil and NGLs (bbls/d)1 |
633,100 |
614,200 |
3 |
655,100 |
(3) |
Conventional natural gas (MMcf/d) |
869 |
882 |
(1) |
898 |
(3) |
Total upstream production (BOE/d)1 |
777,900 |
761,500 |
2 |
804,800 |
(3) |
Total downstream throughput (bbls/d) |
533,500 |
457,300 |
17 |
554,100 |
(4) |
1 See Advisory for production by product type. 2 Non-GAAP
financial measure or contains a non-GAAP financial measure. See
Advisory.
Corporate developmentsIn August, the company
announced an agreement to acquire bp’s 50% working interest in the
Toledo Refinery, with Cenovus to become 100% owner and assume
operatorship upon transaction close. On September 20, a fire
occurred at the facility, tragically resulting in the deaths of two
workers. Investigations into the cause of the fire are ongoing and
the refinery remains shut down in a safe state. Cenovus continues
to assess the status and timing of closing of the transaction.
Third-quarter resultsCenovus again delivered
solid operating and financial results in the quarter, driven by the
company’s continued reliable operating performance and low cost
structure.
Operating results1Cenovus’s
total revenues were $17.5 billion, down from $19.2 billion in the
second quarter, mainly due to lower benchmark commodity prices,
which drove reduced prices for the company’s products across the
upstream and downstream businesses. Upstream revenues were $9.0
billion, compared with $10.1 billion in the previous quarter.
Downstream revenues were $11.1 billion, compared with $10.8 billion
in the second quarter.
Total operating margin3 was $3.3 billion, compared with more
than $4.6 billion in the second quarter. Upstream operating margin4
was $2.8 billion, compared with $3.8 billion in the second quarter.
The quarter-over-quarter reduction was driven by lower Brent and
West Texas Intermediate benchmark prices and a wider light-heavy
differential. Downstream operating margin4 was $490 million,
compared with $847 million in the second quarter, as third-quarter
results were impacted by lower market crack spreads, turnaround
activity in the U.S. Manufacturing segment and the incident at the
Toledo Refinery. In addition, processing crude oil purchased in
prior periods at higher prices had an estimated impact of about
$420 million on U.S. Manufacturing operating margin.
Total Upstream production was 777,900 BOE/d, an increase from
second quarter production of 761,500 BOE/d. Christina Lake
production was 252,800 bbls/d, an increase from 228,800 bbls/d in
the previous quarter, with the quarter-over-quarter difference
mainly due to planned maintenance in the second quarter. Foster
Creek production declined to 182,400 bbls/d, compared with 187,800
bbls/d in the second quarter, reflecting the impact of planned
maintenance and an unplanned outage in August. Production at Foster
Creek returned to normal rates in September and the facility is
currently operating in excess of 200,000 bbls/d. Sunrise production
was 30,900 bbls/d in the quarter, up 5,600 bbls/d from the second
quarter, with the increase reflecting the acquisition of the
remaining 50% working interest, which closed on August 31, 2022. At
the Lloydminster thermal projects, production increased 3,700
bbls/d over the previous quarter to 102,100 bbls/d, as the Spruce
Lake North project achieved first oil, ramping up during the
quarter and now operating above its nameplate capacity of 10,000
bbls/d.
Conventional production was 126,200 BOE/d, compared with 132,600
BOE/d in the second quarter, with the reduction driven by planned
maintenance at the Elmworth gas plant. The company invested $67
million in the Conventional business during the quarter as part of
the normal ramp up of its seasonal development program and to tie
in remaining infrastructure and production from the previous
development program.
Offshore production was 64,600 BOE/d compared with 70,100 BOE/d
in the second quarter, with the reduction mainly due to changes in
the working interest in the White Rose fields during the quarter
and a planned turnaround at the SeaRose floating production,
storage and offloading (FPSO) vessel in the Atlantic region. Work
is progressing on the Terra Nova FPSO’s asset life extension
program and it is expected to return to offshore Newfoundland and
Labrador before the end of 2022. In the Asia Pacific region, the
company drilled and completed the remaining three of five
development wells planned in 2022 for the MDA field offshore
Indonesia.
The Canadian Manufacturing segment achieved crude utilization of
89% and throughput of 98,500 bbls/d, up from 73% and 80,900 bbls/d
in the second quarter. Utilization in the second quarter was
impacted by planned turnaround activity at both the Lloydminster
Upgrader and Lloydminster Refinery, which was completed in June.
Canadian Manufacturing delivered a third-quarter operating margin
of $249 million compared with $47 million in the second quarter,
with the difference mainly due to a wider Canadian light-heavy
crude differential, resulting in lower feedstock costs and
increased crude throughput.
In the U.S. Manufacturing segment, the third quarter was
affected by planned turnaround activity at the bp-operated Toledo
Refinery, with the impacts extending into August, and the Toledo
Refinery being fully shut in following the September fire.
Third-quarter results were also impacted by planned turnaround
activity at the Phillips 66-operated Wood River Refinery. Overall,
crude utilization of 87% and throughput of 435,000 bbls/d were
higher compared with the previous quarter, as the second quarter
was impacted by planned turnaround activity at the Toledo, Borger
and Wood River refineries. Additionally, strong operating
performance at Cenovus’s Lima Refinery in the third quarter
contributed to the improved utilization rate. Per-unit operating
expenses declined in the third quarter, primarily driven by the
conclusion of significant turnaround activities that had started in
the second quarter. Given the developments at Toledo, Cenovus now
expects downstream throughput and operating expenses for the year
to fall modestly outside the ranges indicated in the company’s 2022
Guidance dated July 27, 2022.
3 Non-GAAP financial measure. Total operating margin is the
total of Upstream operating margin plus Downstream operating
margin. See Advisory.4 Specified financial measure. See
Advisory.
Financial resultsCash from operating
activities, which includes changes in non-cash working capital, was
more than $4.0 billion and adjusted funds flow was about $3.0
billion in the third quarter. Free funds flow of about $2.1 billion
reflects capital investment of $866 million, primarily to sustain
production and throughput levels, as well as work to complete the
Superior Refinery rebuild and preliminary work to restart
construction of the West White Rose project. Cash flows were
impacted by lower overall commodity pricing when compared to the
second quarter, which drove lower realized pricing in the upstream
business and lower refined product pricing in the downstream. In
the U.S. Manufacturing segment, the cost of processing crude oil
purchased in prior periods at higher prices, as well as other
impacts of pricing changes on inventory values, reduced operating
margin by approximately $420 million.
Long-term debt, including the current portion, was reduced to
$8.8 billion as of September 30, 2022, from $11.2 billion at the
end of the second quarter. Net debt was approximately $5.3 billion
as at September 30, 2022, down more than $2.2 billion from June 30,
2022 and $4.3 billion since January 1, 2022. The reduction of
long-term debt in the quarter was primarily due to the company’s
purchase of US$2.2 billion of notes that were due between 2025 and
2043. Net debt decreased due to free funds flow of about $2.1
billion, a draw in non-cash working capital of $1.2 billion in the
third quarter, partially offset by base dividends of $205 million,
the repurchase of common shares and foreign exchange losses on the
company’s long-term debt. The working capital draw was mainly
attributable to a decrease in accounts receivable and the impact of
lower commodity prices on product inventory.
The company recorded a current tax expense of $76 million in the
third quarter. The lower current tax expense, compared with the
second quarter, was due to lower overall commodity and product
prices.
Net earnings were $1.6 billion, compared with $2.4 billion in
the previous quarter. The decline in net earnings was primarily due
to lower operating margin and a foreign exchange loss as a result
of a weaker Canadian dollar, partially offset by a revaluation gain
on the Sunrise acquisition, a remeasurement gain on the variable
payment and lower general and administrative costs reflecting share
price impact on long-term incentive costs.
On August 31, 2022, Cenovus closed the previously announced
acquisition of the 50% working interest in Sunrise owned by bp,
with an effective date of May 1, 2022. Total consideration included
a cash payment of $394 million (net of closing adjustments) and a
variable payment, to be made quarterly and expiring after two
years, with a maximum cumulative value of $600 million. As well, bp
assumed Cenovus’s 35% working interest in the undeveloped Bay du
Nord field offshore Newfoundland and Labrador. The sale of
Cenovus’s retail fuels network also closed during the third
quarter, for net cash proceeds of $404 million. The company
continues to own and operate its commercial fuels business,
which includes cardlock, bulk plant and
travel centre locations.
Dividend declarations and share
purchasesCenovus continues to execute its share repurchase
program, which allows the company to purchase up to 146.5 million
of its common shares. In the third quarter, the company purchased
approximately 29 million shares, delivering $659 million in returns
to shareholders through its NCIB program. Subsequent to the end of
the third quarter, as of November 1, 2022 the company had purchased
an additional 4 million shares, for approximately $94 million.
Since the share buyback program began in November 2021, Cenovus
has purchased approximately 118 million common shares, delivering
$2.5 billion in returns to shareholders. The current NCIB will
expire on November 8, 2022. Cenovus has received approval from the
Board of Directors to make an application for another NCIB program.
The company will apply for approval to repurchase up to 137 million
of the company’s common shares, representing approximately 10% of
its public float, as defined by the TSX.
In accordance with Cenovus’s shareholder returns framework,
which has a target of returning 50% of excess free funds flow to
shareholders when net debt is between $9 billion and $4 billion, on
November 1, 2022 the Board declared a variable dividend of $0.114
per common share to shareholders of record on November 18, 2022,
payable on December 2, 2022, which will deliver a total of $219
million to shareholders.
The Board has also declared a base dividend of $0.105 per common
share, payable on December 30, 2022 to shareholders of record as of
December 15, 2022.
In addition, the Board declared a third-quarter dividend on each
of the Cumulative Redeemable First Preferred Shares – Series 1,
Series 2, Series 3, Series 5 and Series 7 – payable on January
3, 2023 to shareholders of record as of December 15, 2022 as
follows:
Preferred shares dividend summary |
|
Rate (%) |
Amount ($/share) |
Share series |
Series 1 |
2.577 |
0.16106 |
Series 2 |
5.048 |
0.31809 |
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 and its Pathways Alliance
peers continue to advance the early work necessary to build one of
the world’s largest carbon capture and storage (CCS) facilities.
The Alliance has progressed engagement with more than 20 Indigenous
communities along the proposed CO2 storage network corridor,
completed pre-engineering for the CO2 pipeline and is conducting
field programs to support regulatory applications and engineering
studies related to the CO2 capture facilities. Together the
Pathways Alliance companies have identified $24.1 billion in
investments in carbon capture and storage projects by 2030 and
other emissions reductions projects as part of the first phase of
its goal to reach net zero emissions from Canada’s oil sands by
2050.
Pathways continues to discuss with the federal and Alberta
governments the mechanisms for co-investment, beyond the planned
federal Investment Tax Credit, needed to kickstart major CCS
projects. Canada faces intense competition for global capital for
CCS projects from the U.S., Norway and the Netherlands, which all
provide significant investment in CCS technology in cooperation
with industry.
During the third quarter, Cenovus became a member of the First
Nations Major Projects Coalition (FNMPC) Sustaining Partners
Program, with the goal of advancing relationships between FNMPC
members and industry, and supporting Indigenous reconciliation. As
a Sustaining Partner, Cenovus will help advance stronger
relationships between the business community and Indigenous
communities in Canada.
Conference call
today9 a.m. Mountain Time (11 a.m. Eastern
Time)Cenovus will host a conference call today, November
2, 2022, starting at 9 a.m. MT (11 a.m. ET).To participate, please
dial 888-394-8218 (toll-free in North America) or 647-794-4605
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 Sept. 30,
2022 |
Oil Sands |
Bitumen (Mbbls/d) |
568.2 |
Heavy crude oil (Mbbls/d) |
16.8 |
Conventional natural gas (MMcf/d) |
12.6 |
Total Oil Sands segment production (MBOE/d) |
587.1 |
Conventional |
Light crude oil (Mbbls/d) |
6.9 |
Natural gas liquids (Mbbls/d) |
19.9 |
Conventional natural gas (MMcf/d) |
596.1 |
Total Conventional segment production
(MBOE/d) |
126.2 |
Offshore |
Light crude oil (Mbbls/d) |
9.1 |
Natural gas liquids (Mbbls/d) |
12.2 |
Conventional natural gas (MMcf/d) |
260.0 |
Total Offshore segment production (MBOE/d) |
64.6 |
Total upstream production (MBOE/d) |
777.9 |
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;
timing of turnarounds and maintenance; status and timing of closing
of the Toledo transaction; timing of Terra Nova asset life
extension program; upstream production, downstream throughput, and
downstream operations and performance; restart of the West White
Rose Project; cash taxes; delivering total shareholder returns
beyond the base dividend through share buybacks under the NCIB and
variable dividends in accordance with the shareholder returns
framework; emission reduction goals and ambitions for the company
and through the Pathways Alliance; and investments in carbon
capture and storage projects and other emissions reductions
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 September 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 September 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) |
Sept.
30,2022(1) |
|
June
30,2022(1) |
|
Sept. 30,2022(1) |
|
|
June
30,2022(1) |
|
|
Sept. 30,2022 |
|
|
June 30,2022 |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Gross Sales |
10,238 |
|
11,685 |
|
11,078 |
|
|
10,844 |
|
|
21,316 |
|
|
22,529 |
Less: Royalties |
1,226 |
|
1,582 |
|
- |
|
|
- |
|
|
1,226 |
|
|
1,582 |
|
9,012 |
|
10,103 |
|
11,078 |
|
|
10,844 |
|
|
20,090 |
|
|
20,947 |
Expenses |
|
|
|
|
|
|
|
|
|
|
|
Purchased Product |
2,397 |
|
1,461 |
|
9,882 |
|
|
9,046 |
|
|
12,279 |
|
|
10,507 |
Transportation and Blending |
2,800 |
|
3,238 |
|
3 |
|
|
(2 |
) |
|
2,803 |
|
|
3,236 |
Operating |
915 |
|
1,010 |
|
780 |
|
|
866 |
|
|
1,695 |
|
|
1,876 |
Realized (Gain) Loss on Risk Management |
51 |
|
563 |
|
(77 |
) |
|
87 |
|
|
(26 |
) |
|
650 |
Operating
Margin |
2,849 |
|
3,831 |
|
490 |
|
|
847 |
|
|
3,339 |
|
|
4,678 |
(1) Found in Note 1 of the
September 30, 2022, or 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) |
|
|
Sept. 30,2022 |
|
|
June 30,2022 |
|
|
Sept. 30,2021 |
|
Cash From (Used in) Operating Activities (1) |
|
|
4,089 |
|
|
2,979 |
|
|
2,138 |
|
(Add) Deduct: |
|
|
|
|
|
|
|
Settlement of Decommissioning Liabilities |
|
|
(55 |
) |
|
(27 |
) |
|
(38 |
) |
Net Change in Non-Cash Working Capital |
|
|
1,193 |
|
|
(92 |
) |
|
(166 |
) |
Adjusted Funds
Flow |
|
|
2,951 |
|
|
3,098 |
|
|
2,342 |
|
Capital Investment |
|
|
866 |
|
|
822 |
|
|
647 |
|
Free Funds
Flow |
|
|
2,085 |
|
|
2,276 |
|
|
1,695 |
|
Add (Deduct): |
|
|
|
|
|
|
|
Base Dividends Paid on Common Shares |
|
|
(205 |
) |
|
(207 |
) |
|
(35 |
) |
Dividends Paid on Preferred Shares |
|
|
(9 |
) |
|
(8 |
) |
|
(9 |
) |
Settlement of Decommissioning Liabilities |
|
|
(55 |
) |
|
(27 |
) |
|
(38 |
) |
Principal Repayment of Leases |
|
|
(78 |
) |
|
(75 |
) |
|
(70 |
) |
Acquisitions, Net of Cash Acquired |
|
|
(389 |
) |
|
(1 |
) |
|
- |
|
Proceeds From Divestitures, Net of Cash Paid |
|
|
407 |
|
|
62 |
|
|
83 |
|
Excess Free Funds
Flow |
|
|
1,756 |
|
|
2,020 |
|
|
1,626 |
|
(1) Found in the September 30,
2022, or June 30, 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.
Find Cenovus on Facebook, Twitter, LinkedIn, YouTube and
Instagram.
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Cenovus Energy (NYSE:CVE)
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Cenovus Energy (NYSE:CVE)
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From Mar 2023 to Mar 2024