Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) continued to deliver
strong operational performance and further improved its financial
resilience in the third quarter by remaining committed to
disciplined capital investment, cost leadership and leveraging the
flexibility of its assets and marketing strategy to generate
positive free funds flow. The company took advantage of the higher
commodity prices by ramping up production from its oil sands assets
and selling barrels stored in the preceding quarter. Higher crude
oil prices and increased sales volumes allowed the company to
achieve free funds flow for the third quarter of $266 million,
which contributed to a reduction in net debt to $7.5 billion at the
end of the period.
“The third quarter clearly demonstrated the strength and
reliability of our operations and our ability to effectively manage
production and sales by storing barrels when prices declined and
then capitalizing on a price recovery to optimize returns,” said
Alex Pourbaix, Cenovus President & Chief Executive Officer. “We
continue to find ways to optimize our cost structure, expand our
market access, and strengthen the balance sheet. We believe the
proposed transaction with Husky Energy, announced earlier this
week, will address these priorities, positioning us to come through
this period more resilient, with increased and stable free funds
flow, supporting accelerated deleveraging and returns to
shareholders.”
Financial & production summary |
(for the period ended September 30) |
2020Q3 |
2019Q3 |
|
Financial ($ millions, except per share amounts) |
|
|
% change |
Cash from (used in) operating
activities |
732 |
834 |
-12 |
Adjusted funds flow1, 2 |
414 |
928 |
-55 |
Per share diluted |
0.34 |
0.76 |
|
Free funds flow1, 2 |
266 |
634 |
-58 |
Operating earnings (loss)1 |
-452 |
284 |
|
Per share diluted |
-0.37 |
0.23 |
|
Net earnings (loss) |
-194 |
187 |
|
Per share diluted |
-0.16 |
0.15 |
|
Capital
investment |
148 |
294 |
-50 |
|
|
|
% change |
Production3 (before
royalties) |
|
|
|
Oil sands
(bbls/d) |
385,937 |
354,595 |
9 |
Conventional
liquids3,4 (bbls/d) |
25,851 |
26,104 |
-1 |
Total
liquids3,4 (bbls/d) |
411,788 |
380,699 |
8 |
Total natural
gas (MMcf/d) |
360 |
407 |
-12 |
Total
production4 (BOE/d) |
471,799 |
448,496 |
5 |
1 |
Adjusted funds flow, free funds flow and operating earnings/loss
are non-GAAP measures. See Advisory. |
2 |
The prior period has been
reclassified to conform with the current period treatment of
non-cash inventory write-downs. |
3 |
Includes oil and natural gas
liquids (NGLs). |
4 |
Cenovus’s Deep Basin segment
has been renamed the Conventional segment and now includes the
company’s Marten Hills asset. For a description of Cenovus’s
operations, refer to the Reportable Segments section of
Management's Discussion and Analysis. |
Cenovus Husky transactionCenovus’s planned
transaction with Husky Energy Inc. will create a resilient
integrated Canadian energy leader with an advantaged upstream and
downstream portfolio that is expected to provide enhanced free
funds flow generation and superior return opportunities for
investors.
The companies are advancing the arrangement process, with
regulatory filings being prepared and filed. The Joint Management
Information Circular is being prepared for expected distribution by
mid-November and key members of the combined integration teams have
been identified.
“Teams from both Cenovus and Husky are moving the process along
so that we can be in a position to implement the vision of the new
company as soon as possible,” said Pourbaix, who will lead the
combined entity as President & Chief Executive Officer
following a closing anticipated in the first quarter of 2021.
“We’re very excited about the opportunities that the combination of
our two companies creates for all of our stakeholders.”
Business flexibility and financial disciplineIn
the third quarter of 2020, Cenovus increased crude oil production
at its oil sands facilities and overall sales in response to higher
commodity prices while remaining focused on maintaining its low
operating and capital cost structure and deleveraging its balance
sheet. The company was able to use the flexibility of its oil sands
assets and available production curtailment credits to increase
output above the Alberta government’s mandatory limits. Cenovus
achieved average oil sands production of almost 386,000 barrels per
day (bbls/d) in the third quarter, up from 373,000 bbls/d in the
previous quarter and a 9% increase from the same period a year
earlier.
The company also employed its suite of transportation and
storage assets to capture increased value from the higher prices.
During the quarter, Cenovus sold crude oil inventory built up from
April to June when crude oil prices were significantly lower. The
average benchmark price for Western Canadian Select (WCS) crude oil
almost doubled to $42.41 per barrel (bbl) in the third quarter from
$22.42/bbl in the second quarter of 2020 and significantly higher
than the April benchmark price of $4.92/bbl.
These actions combined with continued capital spending and
operating cost discipline contributed to significantly improved
financial performance during the third quarter compared with the
second quarter of this year. Third quarter capital investment in
the company’s oil sands and conventional segments was flat compared
with the second quarter of 2020 and approximately 50% lower on a
year-over-year basis after the company took decisive action earlier
this year to respond to lower commodity prices and the rapid
weakening of the business environment.
“Our people in the field have done an excellent job of
maintaining strong operating performance even as we reduced capital
spending due to the lower price environment and the challenges
brought on by COVID-19,” said Pourbaix. “Safe and reliable
operations will continue to be a priority, along with a commitment
to finding ways of further reducing our overall costs to help us
maintain our competitive advantage and remain an attractive
long-term investment.”
Third-quarter financial resultsCenovus recorded
cash from operating activities of $732 million in the third quarter
compared with $834 million of cash used in operating activities in
the second quarter of 2020. The company generated third-quarter
adjusted funds flows of $414 million and free funds flow of $266
million driven by the recovery in benchmark commodity prices, the
ramp-up of production in the quarter and increased sales of barrels
that were stored in the second quarter and were withdrawn from
storage and sold as prices recovered.
The company had a third-quarter operating loss of
$452 million and a net loss of $194 million compared with operating
earnings of $284 million and net earnings of $187 million in the
same period in 2019. The operating loss was due to lower cash from
operating activities and adjusted funds flow, and higher
depreciation, depletion, and amortization that included an
impairment charge of $450 million associated with a refinery
Cenovus co-owns with the operator, Phillips 66, at Borger, Texas,
partially offset by non-operating realized foreign exchange gains
of $30 million. The net loss in the third quarter of this year
was due to the operating loss, partially offset by unrealized risk
management gains of $135 million, non-operating unrealized foreign
exchange gains of $152 million compared with losses of $87 million,
and a deferred income tax recovery of $177 million compared with a
deferred income tax expense of $46 million in the third
quarter of 2019. Overall financial results were negatively impacted
compared with the third quarter of 2019 largely due to a one-third
decline in benchmark crude oil prices driven by the COVID-19
pandemic.
The impairment charge taken on the Borger refinery reflects
current market conditions surrounding reduced demand for refined
products, and the expectation of continued lower market crack
spreads in the market.
At the end of the third quarter, Cenovus’s net debt declined to
approximately $7.5 billion from $8.2 billion at the end of the
second quarter of 2020, in part due to directing positive free
funds flow towards debt repayment. In July 2020, Cenovus issued
US$1.0 billion in 5.375% senior unsecured notes due in 2025 with
net proceeds used to repay borrowings on the company’s credit
facilities.Response to COVID-19Earlier this year,
Cenovus responded quickly to the COVID-19 pandemic and in the past
several months has implemented special protocols and measures to
protect the health and safety of its workforce and to ensure the
continuity of its business. With these measures now well
established, the company recently lifted its mandatory work from
home order that had been in place for most staff since mid-March
and is now implementing a gradual return to its Calgary office.
Cenovus continues to closely monitor the COVID-19 situation and
will not compromise on the health and safety of its workers or on
its commitment to safe and reliable operations.
Operating highlightsCenovus’s
upstream and refining assets continued to deliver safe and reliable
operational performance during the third quarter. Planned
maintenance and repair work in the third quarter partially offset
production increases at both of the company’s oil sands operations
and contributed to lower output at its conventional properties. The
work was deferred from earlier in the year due to reduced staffing
at our operations as a result of COVID-19.
Health and safety Cenovus remains focused on
delivering industry-leading safety performance through its focus on
risk management and asset integrity, delivering very strong results
through the first nine months of the year. The company has achieved
noteworthy year-over-year improvements in focus areas of
Significant Incident Frequency (SIF) and Process Safety Events. The
company recorded a Significant Incident Frequency of zero compared
with 0.12 in the third quarter of 2019 and no Process Safety Events
compared with one in the same period a year earlier. Total
Recordable Injury Frequency has largely remained flat compared with
the same period in 2019 when Cenovus achieved its best ever
performance in this area. These results included significant
safety milestones for Drilling Operations as well as Completions
and Well Services at our Christina Lake oil sands facility, with
both groups achieving one year without a recordable incident during
the third quarter. The company’s Conventional operations also
continued to deliver strong safety performance, marking a one-year
milestone in September since recording a significant process safety
event.
Oil sandsFor the third quarter, Christina Lake
had average production of 220,983 bbls/d, and Foster Creek had
average production of 164,954 bbls/d. The company achieved combined
oil sands production of 385,937 bbls/d in the third quarter,
compared with 354,595 bbls/d in the same period a year earlier.
During the third quarter of 2020, Cenovus was able to produce
additional barrels of oil, despite curtailment, due to the purchase
of low-cost production curtailment credits from other
companies.
Oil sands operating margin in the third quarter increased to
$638 million from $125 million in the second quarter of 2020 due to
higher average realized crude oil sales price and higher sales
volumes, partially offset by increased transportation and blending
costs and higher royalties. Non-fuel per-unit operating costs in
the third quarter declined 5% at Christina Lake and were relatively
flat at Foster Creek compared with the same period a year earlier.
Overall, third-quarter oil sands per-unit operating costs were
$7.53/bbl, up 9% from the same period a year earlier and 2% from
the second quarter of 2020. The year-over-year increase in costs
was primarily due to higher per-barrel fuel costs as a result of
higher natural gas prices, partially offset by increased sales
volumes. Transportation costs were lower due to the suspension of
the company’s crude-by-rail program in response to unfavourable
pricing fundamentals for shipping by rail.
Cenovus’s oil sands facilities continue to operate at
industry-leading steam-to-oil ratios (SOR). At Christina Lake, the
SOR was 2.1 in the third quarter, in line with both the second
quarter of 2020 and the same period a year earlier. The SOR at
Foster Creek was 2.7, level with the preceding quarter of 2020 and
the third quarter a year earlier.
ConventionalConventional production averaged
approximately 85,862 barrels of oil equivalent per day (BOE/d) in
the third quarter, a 9% decrease from the same period in 2019. The
year-over-year decrease was due to natural declines from limited
capital investment and increased downtime due to a planned
turnaround at a non-operated natural gas plant, partially offset by
the addition of Marten Hills heavy oil production starting in
2020.
Capital investment in the company’s Conventional segment is
forecast to range between $75 million and $85 million for full-year
2020. This includes an incremental $30 million of capital
investment in the fourth quarter, relative to Deep Basin guidance,
for a two-rig drilling program targeting low-risk, high-return
development wells near natural gas plants owned and operated by
Cenovus to take advantage of an expected strengthening in commodity
prices during the winter heating season. We continue to take a
disciplined approach to the development of our Conventional
assets.
Total conventional operating costs increased 5% to $81 million
in the third quarter of 2020 compared with the same period in the
previous year and remained flat relative to the second quarter of
2020. Per-barrel operating costs averaged $9.55/BOE compared with
$8.21/BOE in the third quarter of 2019 due to lower sales volumes,
increased costs for planned repairs and maintenance related to
turnaround activities and higher third-party processing fees.
Full-year guidance dated April 1, 2020 is available on our
website at cenovus.com.
Refining and marketingCenovus’s Wood River,
Illinois and Borger refineries, which are co-owned with the
operator, Phillips 66, maintained safe and reliable performance in
the third quarter of 2020. Crude oil runs at both refineries were
reduced in response to the economic slowdown due to COVID-19. Crude
runs averaged 382,000 bbls/d in the third quarter, an increase of
18% from the second quarter of 2020 and 18% lower from the same
period in 2019.
Cenovus had a refining and marketing operating margin shortfall
of $74 million in the third quarter compared with positive
operating margin of $126 million in the same period of 2019,
primarily due to reduced market crack spreads, lower crude oil runs
and crude advantage, partially offset by lower operating costs.
Cenovus’s refining operating margin is calculated on a first-in,
first-out (FIFO) inventory accounting basis. Using the
last-in, first-out (LIFO) accounting method employed by most
U.S. refiners, operating margin from refining and marketing would
have been $39 million lower in the third quarter, compared with $8
million lower in the same period in 2019.
SustainabilityCenovus is committed to
maintaining world-class safety performance and environmental,
social and governance (ESG) leadership, including robust ESG
disclosure. The company will continue earning its position as a
global energy supplier of choice by advancing clean technology and
reducing emissions intensity, including maintaining its ambition of
achieving net zero emissions by 2050. Advancing environmental
stewardship and maintaining strong local community relationships,
with a focus on Indigenous economic reconciliation, will continue
to be a priority for the company following the close of
the Husky transaction. Leading safety practices, strong
governance and advancing diversity and inclusion will remain
central to the company’s ESG commitments. “Striking the right
balance among environmental, economic and social considerations is
core to our strategy of creating long-term value and business
resilience for our company,” said Pourbaix. “We will demonstrate
ongoing leadership through our support of local communities, caring
for the environment and emissions reduction efforts to support the
transition to a low-carbon energy future.”
The targets Cenovus released earlier this year for its key ESG
focus areas involved a robust process to ensure alignment with the
company’s business plan and strategy. The company remains committed
to pursuing meaningful, measurable ESG targets and will undertake a
thorough analysis of the most meaningful targets to pursue for its
expanded portfolio. Once that work is complete in 2021 and approved
by the Board, the new targets and plans to achieve them will be
disclosed.
Conference Call Today9 a.m. Mountain Time
(11 a.m. Eastern Time) |
Cenovus will host a conference call today, October 29, 2020,
starting at 9 a.m. MT (11 a.m. ET). To participate,
please dial 888-231-8191 (toll-free in North America) or
647-427-7450 approximately 10 minutes prior to the conference call.
A live audio webcast of the conference call will also be available
via cenovus.com. The webcast 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.
Non-GAAP Measures and Additional
SubtotalThis news release contains references to
adjusted earnings before interest, taxes, depreciation and
amortization (EBITDA), adjusted funds flow, free funds flow,
operating earnings (loss) and net debt, which are non-GAAP
measures, and operating margin, which is an additional subtotal
found in Note 1 of Cenovus's Interim Consolidated Financial
Statements for the period ended September 30, 2020 (available on
SEDAR at sedar.com, on EDGAR at sec.gov and Cenovus's website at
cenovus.com). These measures do not have a standardized meaning as
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 are not comparable to similar
measures presented by other issuers. For definitions, as well as
reconciliations to GAAP measures, and more information on these and
other non-GAAP measures and additional subtotals, refer to
“Non-GAAP Measures and Additional Subtotals” on page 1 of Cenovus's
Management's Discussion & Analysis (MD&A) for the period
ended September 30, 2020 (available on SEDAR at sedar.com, on EDGAR
at sec.gov and Cenovus's website at cenovus.com).
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
United States Private Securities Litigation Reform Act of 1995,
about our current expectations, estimates and projections about the
future, based on certain assumptions made by us in light of our
experience and perception 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. Readers are cautioned not to
place undue reliance on forward-looking information as actual
results may differ materially from those expressed or implied.
Forward-looking information in this document is identified by
words such as “achieve”, “advance”, “aim”, “ambition”,
“anticipate”, “believe”, “commitment”, “continue”, “contribute”,
“development”, “drive”, “ensure”, “expect”, “focus”, “forecast”,
“goal”, “guidance”, “maintain”, “opportunity”, “plan”, “position”,
“potential”, “priority”, “protect”, “realize”, “target” and “will”
or similar expressions and includes suggestions of future outcomes,
including, but not limited to, statements about: our expectations
regarding the volatility of commodity prices and our ability to
withstand an extended period of low oil prices; the timing of
distribution of the Joint Management Information Circular and
completion of the plan of arrangement with Husky Energy Inc. (the
“Husky Transaction”); the timing and anticipated receipt of
required regulatory, court and securityholder approvals for the
Husky Transaction and other customary closing conditions;
anticipated benefits of the Husky Transaction; our ability to
generate shareholder returns; the robust performance of our assets;
finding ways to further reduce our overall costs; maintaining our
low operating and capital cost structure and deleveraging our
balance sheet to maintain our competitive advantage and remain an
attractive investment; maintaining our priority of safe and
reliable operations; delivering industry-leading safety performance
through our focus on risk management and asset integrity;
maintaining world-class ESG leadership and disclosure; maintaining
our ambition of achieving net zero emissions by 2050; disclosing
new ESG targets and priorities and plans to achieve them for our
expanded portfolio; monitoring the COVID-19 situation and not
compromising the health and safety of our workers; forecast capital
investment in our Conventional segment; and maintaining a
disciplined approach to development of our Conventional
segment.
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 our forward-looking information is based include, but are not
limited to: forecast oil and natural gas, natural gas liquids,
condensate and refined products prices, light-heavy crude oil price
differentials and other assumptions identified in Cenovus’s 2020
guidance (dated April 1, 2020), available at cenovus.com; the
satisfaction of the conditions to closing of the Husky Transaction
in a timely manner and complete the arrangement on the expected
terms; the combined company's ability to successfully integrate the
businesses of Cenovus and Husky; access to sufficient capital to
pursue any development plans associated with full ownership of
Husky; the combined company's ability to issue securities; the
impacts the Husky Transaction may have on the current credit
ratings of Cenovus and Husky and the credit rating of the combined
company following closing; our ability to achieve our ambition of
net zero emissions by 2050; our ability to set new ESG targets for
our expanded portfolio; global demand for refined products will
resume and prices will rise; continued access to short-term capital
such as credit and demand facilities; continued impact of measures
implemented to enhance the company’s resilience; applicable royalty
regimes, including expected royalty rates; future improvements in
availability of product transportation capacity; increase to our
share price and market capitalization over the long term; future or
continued narrowing of crude oil differentials; the ability of our
refining capacity, dynamic storage, existing pipeline commitments
and financial hedge transactions to partially mitigate a portion of
our WCS crude oil volumes against wider differentials; our ability
to adjust production while maintaining reservoir integrity;
availability of new ways to get our products to new customers;
opportunities to work with industry partners to find innovative
market-based solutions aimed at refining more Canadian oil in
Canada; estimates of quantities of oil, bitumen, natural gas and
liquids from properties and other sources not currently classified
as proved; accounting estimates and judgments; our ability to
obtain necessary regulatory and partner approvals; the successful
and timely implementation of capital projects, development programs
or stages thereof; our ability to generate sufficient liquidity to
meet our current and future obligations; our ability to obtain and
retain qualified staff and equipment in a timely and cost-efficient
manner; our ability to develop, access and implement all technology
and equipment necessary to achieve expected future results, and
that such results are realized.
2020 guidance, dated April 1, 2020, assumes: Brent prices of
US$39.00/bbl, WTI prices of US$34.00/bbl; WCS prices of
US$18.50/bbl; Differential WTI-WCS of US$15.50/bbl; AECO natural
gas prices of $2.00/Mcf; Chicago 3-2-1 crack spread of US$8.30/bbl;
and an exchange rate of $0.70 US$/C$.
The risk factors and uncertainties that could cause our actual
results to differ materially include, but are not limited to:
volatility of and other assumptions regarding commodity prices,
including the extent to which COVID-19 impacts the global economy
and harms commodity prices; the satisfaction of the conditions to
closing of the Husky Transaction in a timely manner and complete
the arrangement on the expected terms; our ability to successfully
integrate the businesses of Cenovus and Husky; access to sufficient
capital to pursue any development plans associated with full
ownership of Husky; our ability to issue securities after the Husky
Transaction closes; the impacts the transaction may have on the
current credit ratings of Cenovus and Husky and the credit rating
of the company following closing; our ability to achieve our
ambition of net zero emissions by 2050; our ability to set new ESG
targets for our expanded portfolio; the extent to which COVID-19
and fluctuations in commodity prices associated with COVID-19
impacts our business, results of operations and financial
condition, all of which will depend on future developments that are
highly uncertain and difficult to predict, including, but not
limited to, the duration and spread of the pandemic, its severity,
the actions taken to contain COVID-19 or treat its impact and how
quickly economic activity normalizes; a resurgence in cases of
COVID-19, which has occurred in certain locations and the
possibility of which in other locations remains high and creates
ongoing uncertainty that could result in restrictions to contain
the virus being re-imposed or imposed on a more strict basis,
including restrictions on movement and businesses; the success of
our COVID-19 protocols and safety measures to protect workers;
maintaining sufficient liquidity to sustain operations through a
prolonged market downturn; the duration of the market downturn;
excessive widening of the WTI-WCS differential; unexpected
consequences related to the Government of Alberta’s mandatory
production curtailment; the effectiveness of our risk management
program; the accuracy of cost estimates regarding commodity prices,
currency and interest rates; product supply and demand; accuracy of
our share price and market capitalization assumptions; market
competition, including from alternative energy sources; risks
inherent in our marketing operations, including credit risks,
exposure to counterparties and partners, including ability and
willingness of such parties to satisfy contractual obligations in a
timely manner; our ability to maintain desirable ratios of net debt
to adjusted EBITDA as well as debt to capitalization; our ability
to access various sources of debt and equity capital, generally,
and on terms acceptable to us; our ability to finance sustaining
capital expenditures; changes in credit ratings applicable to us or
any of our securities; accuracy of our reserves, future production
and future net revenue estimates; accuracy of our accounting
estimates and judgments; our ability to replace and expand oil and
gas reserves; potential requirements under applicable accounting
standards for impairment or reversal of estimated recoverable
amounts of some or all of our assets or goodwill from time to time;
our ability to maintain our relationships with our partners and to
successfully manage and operate our integrated business;
reliability of our assets including in order to meet production
targets; our ability to access or implement some or all of the
technology necessary to efficiently and effectively operate our
assets and achieve expected future results; unexpected cost
increases or potential disruption or unexpected technical
difficulties in developing new products and manufacturing processes
and in constructing or modifying manufacturing or refining
facilities; refining and marketing margins; cost escalations;
potential failure of products to achieve or maintain acceptance in
the market; risks associated with fossil fuel industry reputation
and litigation related thereto; unexpected difficulties in
producing, transporting or refining of bitumen and/or crude oil
into petroleum and chemical products; risks associated with
technology and equipment and its application to our business,
including potential cyberattacks; risks associated with climate
change and our assumptions relating thereto; our ability to secure
adequate and cost effective product transportation including
sufficient pipeline, crude-by-rail, marine or alternate
transportation, including to address any gaps caused by constraints
in the pipeline system or storage capacity; possible failure to
obtain and retain qualified staff and equipment in a timely and
cost efficient manner; changes in the regulatory framework in any
of the locations in which we operate, including changes to the
regulatory approval process and land-use designations, royalty,
tax, environmental, greenhouse gas, carbon, climate change and
other laws or regulations, or changes to the interpretation of such
laws and regulations, as adopted or proposed, the impact thereof
and the costs associated with compliance; changes in general
economic, market and business conditions; the impact of production
agreements among OPEC and non-OPEC members; the political and
economic conditions in the countries in which we operate or which
we supply; the occurrence of unexpected events, such as pandemics,
fires, severe weather conditions, explosions, blow-outs, equipment
failures, transportation incidents and other accidents or similar
events, and the instability resulting therefrom; and risks
associated with existing and potential future lawsuits, shareholder
proposals and regulatory actions against us.
Statements relating to “reserves” are deemed to be
forward-looking information, as they involve the implied
assessment, based on certain estimates and assumptions, that the
reserves described exist in the quantities predicted or estimated
and can be profitably produced in the future.
Readers are cautioned that the foregoing lists are not
exhaustive and are made as at the date hereof. Events or
circumstances could cause our actual results to differ materially
from those estimated or projected and expressed in, or implied by,
the forward-looking information. For a full discussion of Cenovus’s
material risk factors, refer to “Risk Management and Risk Factors”
in the Corporation’s annual 2019 MD&A and the MD&A for the
period ended September 30, 2020, and to the risk factors described
in other documents Cenovus files from time to time with securities
regulatory authorities in Canada, available on SEDAR at sedar.com,
and with the U.S. Securities and Exchange Commission on EDGAR at
sec.gov, and on the Corporation’s website at cenovus.com.
Cenovus Energy Inc.Cenovus Energy Inc. is a Canadian
integrated oil and natural gas company. It is committed to
maximizing value by sustainably developing its assets in a safe,
innovative and cost-efficient manner, integrating environmental,
social and governance considerations into its business plans.
Operations include oil sands projects in northern Alberta, which
use specialized methods to drill and pump the oil to the surface,
and established natural gas and oil production in Alberta and
British Columbia. The company also has 50% ownership in two U.S.
refineries. Cenovus shares trade under the symbol CVE and are
listed on the Toronto and New York stock exchanges. For more
information, visit cenovus.com.
Find Cenovus on Facebook, Twitter, LinkedIn, YouTube and
Instagram.
CENOVUS CONTACTS: Investor
RelationsInvestor Relations general
line403-766-7711 |
Media RelationsMedia Relations general
line403-766-7751 |
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/af760d60-a024-4d6b-a7d3-72036801339e
https://www.globenewswire.com/NewsRoom/AttachmentNg/5546848d-09ca-4f95-a185-597d8eb5396a
https://www.globenewswire.com/NewsRoom/AttachmentNg/beca83e2-dcc0-4fd4-938c-b78b5e7f1273
Cenovus Energy (NYSE:CVE)
Historical Stock Chart
From Aug 2024 to Sep 2024
Cenovus Energy (NYSE:CVE)
Historical Stock Chart
From Sep 2023 to Sep 2024