Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) continues to demonstrate
the strengths of the company’s integrated portfolio in its second
quarter results, generating cash from operating activities of $1.4
billion, adjusted funds flow of $1.8 billion and free funds flow of
$1.3 billion, supporting a reduction in net debt of nearly $1
billion since March 31, 2021. Total production of nearly 770,000
barrels of oil equivalent per day (BOE/d) despite planned
turnarounds at several assets, and strong realized commodity prices
in the upstream business along with continued recovery of demand
for U.S. downstream products drove Cenovus’s strong financial
performance, which the company expects will continue through the
rest of the year.
“Our results underscore the earnings power of
the combined company as we further integrate and deliver on our
expanded asset base,” said Alex Pourbaix, Cenovus President &
Chief Executive Officer. “We posted a strong second quarter and
expect to accelerate deleveraging in the second half of this
year.”
Second quarter highlights
- Generated cash from operating activities of $1.4 billion,
adjusted funds flow of $1.8 billion and free funds flow of $1.3
billion.
- Increasing production guidance for 2021 by 2% with total
capital guidance unchanged.
- On track to achieve $1.2 billion of run-rate synergies and net
debt of $10 billion by end of 2021.
Financial, production & throughput summary |
(For the period ended June 30) |
2021 Q2 |
2020 Q21 |
% change1 |
Financial ($ millions, except per share
amounts) |
Cash from operating activities |
1,369 |
(834) |
|
Adjusted funds flow2,3 |
1,817 |
(469) |
|
Per share (basic) |
0.90 |
(0.38) |
|
Capital investment |
534 |
147 |
263 |
Free funds flow2,3 |
1,283 |
(616) |
|
Net earnings (loss) |
224 |
(235) |
|
Per share (basic) |
0.11 |
(0.19) |
|
Net debt2 |
12,390 |
8,232 |
51 |
Production and throughput (before royalties, net to
Cenovus) |
Oil and NGLs (bbls/d) |
614,900 |
400,050 |
54 |
Natural gas (MMcf/d) |
906 |
392 |
131 |
Total upstream production (BOE/d) |
765,900 |
465,415 |
65 |
Total downstream throughput (bbls/d) |
539,000 |
162,300 |
232 |
1 Comparative figures include Cenovus results prior to the
January 1, 2021 closing of the Husky transaction and do not reflect
historical data from Husky.2 Adjusted funds flow, free funds flow
and net debt are non-GAAP measures. See Advisory.3 Prior period has
been restated to conform with the current definition of adjusted
funds flow.
Overview of Q2 results
Progress on integration and
synergiesIn the second quarter, integration expenditures
of $46 million included costs associated with workforce reductions
and consolidation of debt, head offices and IT systems. Integration
expenditures for the first six months of 2021 were $291 million,
including $34 million in capitalized costs.
Cenovus has reduced its integration costs
guidance for 2021 to between $400 million and $450 million. The
company remains on pace to realize at least $1 billion in synergies
in 2021 and to reach its go-forward annual run-rate of $1.2 billion
in synergies by the end of this year. Total integration costs for
the Husky transaction are still expected to be in the range of $500
million to $550 million, with the remainder to be spent in
2022.
The company continues to identify additional
synergies for its expanded asset base, including further
opportunities to apply Cenovus’s in situ operating expertise to
improve the performance of assets in Alberta and Saskatchewan. For
example, through the application of the company’s operating
philosophy, including the use of downhole temperature monitoring
data, the Lloydminster thermal projects achieved quarterly average
daily production of 97,700 barrels per day (bbls/d) and similar
opportunities at the other Oil Sands assets are being evaluated.
The marketing team is also leveraging the broader portfolio of
assets and transportation contracts to optimize sales and marketing
activities for our production.
“We continue to make great progress on our
integration and remain focused on accessing the next layer of
synergies,” said Pourbaix. “We benefit from a top-tier asset base
with a wealth of opportunities to improve returns, all guided by an
experienced team with a track record of safe and reliable
operations.”
Financial resultsOperating
margin for the quarter was $2.2 billion, compared with $1.9 billion
in the first quarter of 2021 and $291 million in the second quarter
of 2020. The improvement over 2020 was primarily driven by higher
commodity prices, increased sales volumes and higher downstream
throughputs due to the addition of Husky assets. This was delivered
while completing several planned turnarounds, speaking to the
strength of the company’s overall production base. Second quarter
operating margin was also impacted by realized risk management
losses and receipt of cash related to a take or pay contract for
the Bruderheim crude-by-rail terminal operations.
Adjusted funds flow of $1.8 billion included the
impact of integration costs incurred in the quarter. Cash from
operating activities was $1.4 billion, including changes in
non-cash working capital of $430 million. Free funds flow of $1.3
billion included capital investment in the quarter of $534 million.
The company continues to expect total capital expenditures for the
year in the range of $2.3 billion to $2.7 billion.
Cenovus generated net earnings of $224 million
in the second quarter compared with a net loss of $235 million in
the same period of 2020. The improvement in net earnings was driven
by higher operating margin, partially offset by higher unrealized
risk management losses and integration costs.
The company recorded a realized loss on risk
management of $199 million in the second quarter of 2021, primarily
related to inventory risk management which was offset by higher
revenues from the physical sales. Risk management gains and losses
are a result of both inventory risk management and corporate
hedging. Inventory risk management is undertaken to ensure that as
decisions are made to transport or store barrels, the margin on
this transaction is captured. Resulting inventory risk management
gains or losses are designed to mirror revenue gains or losses on
the related physical transactions. It should be expected that in
periods of rising price environments, the company will report
inventory risk management losses that are offset by physical
positions and vice versa. In the second quarter, crude oil
production volumes exceeded sales volumes as the company exercised
its ability to store and defer a portion of sales to realize higher
price opportunities.
Asset sales updateDuring the
second quarter, as previously announced, Cenovus divested its gross
overriding royalty (GORR) in the Marten Hills area of Alberta for
gross cash proceeds of $102 million, which were used to repay debt.
In addition, Cenovus entered into agreements in June and July to
divest assets in the East Clearwater and Kaybob areas of Alberta
for total expected cash proceeds of approximately $110 million.
Combined net production from the East Clearwater and Kaybob assets
was approximately 12,000 BOE/d (about 45% oil and NGLs) and the
sale of these assets is now assumed in the updated 2021 Guidance
ranges for the Conventional segment. Both sales are expected to
close around the middle of the third quarter of 2021 and proceeds
will be used for debt reduction. In line with its strategy, Cenovus
will pursue further value accretive asset sales through the balance
of 2021 to accelerate debt reduction towards its interim net debt
target of $10 billion.
Debt RepaymentNet debt at the
end of the second quarter was $12.4 billion, compared with $13.3
billion at March 31, 2021, with the nearly $1 billion decrease
primarily due to free funds flow of $1.3 billion and an unrealized
foreign exchange gain of $150 million on U.S. denominated debt,
partially offset by a net change in non-cash working capital of
$389 million. The increase in non-cash working capital was related
to an increase in inventories and accounts receivable, partially
offset by an increase in accounts payable. Inventories increased as
U.S. refinery utilization ramped up and product was stored in June
for sale at higher prices in the third quarter, and accounts
receivable increased mainly due to higher commodity and refined
product prices.
Deleveraging remains a top priority and Cenovus
expects to meet its interim net debt target of $10 billion within
2021, assuming current commodity prices and foreign exchange rates
hold, with a longer-term target of $8 billion or lower. The company
will continue to prioritize the balance sheet after reaching $10
billion net debt, however opportunities for incremental shareholder
returns and investment in the business will be considered around
achievement of the interim target.
Consistent operating
performanceCenovus produced 765,900 BOE/d in the quarter,
resulting in a total upstream operating margin of about $1.9
billion. Oil Sands crude oil production of 549,400 bbls/d was
driven by record production at Christina Lake and the Lloydminster
thermal operations, and partially offset by planned turnarounds at
Foster Creek, Sunrise and several Lloydminster thermal projects. As
a result of continued strong performance, Cenovus has updated its
2021 production guidance to between 750,000 BOE/d and 790,000
BOE/d.
In the company’s downstream operations, the
Canadian upgrading and refining business had a utilization rate in
the second quarter of 94%. The U.S. refineries continued to ramp up
throughput to 435,500 bbls/d, in line with increasing demand for
refined products and improved market crack spreads. U.S. throughput
was affected by planned and unplanned maintenance at the Wood River
and Borger refineries, and planned third-party pipeline outages on
lines supplying the Lima Refinery. Total downstream operating
margin was $291 million.
Health and safety Cenovus
continues to prioritize the health and safety of its staff and
neighbouring communities. As provinces in Western Canada continue
to roll out vaccination programs and ease COVID-19 restrictions,
Cenovus is gradually adjusting the protocols at its operations in
those areas, aligned with the direction of governments, public
health officials and the company’s internal health and safety
experts. Office staff in Western Canada are beginning to return to
the workplace, with Calgary employees returning in early September.
Staff in other regions previously returned to the office following
local guidance. The company continues to closely monitor the
evolving situation.
The safety of its people and operations, as well
as the protection of the environment, is critical for Cenovus. In
June, the company began implementing the Cenovus Operations
Integrity Management System, a framework of safety requirements
leveraging the best practices of both Cenovus and Husky, which will
be used at all sites and facilities.
Operating highlights
Oil Sands Total crude oil
production was 549,400 bbls/d for the Oil Sands segment in the
quarter even with planned turnarounds at Foster Creek, Sunrise and
several Lloydminster thermal assets. The segment generated
operating margin of $1.4 billion in the second quarter, compared
with $130 million in the second quarter of 2020. The increase was
primarily due to higher average pricing and additional sales
volumes from the Husky assets, partially offset by higher
transportation and blending costs. Oil sands average netbacks were
$32.43/BOE in the quarter, compared with a loss of $4.08/BOE in the
second quarter of 2020.
Christina Lake production averaged 230,500
bbls/d in the quarter, an increase of about 7,600 bbls/d from the
first quarter of 2021 as re-drilled wells came online and more than
23,000 bbls/d year-over-year, primarily because in the second
quarter of 2020 the company voluntarily ran at reduced levels in
response to low prices. Production at Foster Creek was 156,800
bbls/d, down approximately 6,300 bbls/d compared with the first
quarter of the year and 9,200 bbls/d year-over-year due to a
planned turnaround and unplanned operational outages. The
application of Cenovus operating techniques at the legacy Husky
Lloydminster thermal projects resulted in record quarterly
production of 97,700 bbls/d despite turnarounds at several of the
operations. Cenovus has increased its Oil Sands production guidance
to between 540,000 bbls/d and 596,000 bbls/d, including an
additional 10,000 bbls/d from the Lloydminster thermal
business.
Oil sands per-unit transportation costs
decreased 14% in the quarter to $7.37/bbl compared with $8.56/bbl
in the second quarter of 2020. Transportation costs for Foster
Creek production increased 8% to $12.25/bbl in the second quarter
compared with 2020 as Cenovus optimized its pipeline capacity out
of Alberta to ship more crude to U.S. destinations to obtain higher
prices, partially offset by shipping less by rail than in 2020. The
per-barrel transportation costs for Christina Lake production
decreased to $6.10/bbl from $6.19/bbl in the same period in 2020 as
less crude was sold to the U.S. Gulf Coast than the year before,
with no volumes shipped by rail. Blending costs in the quarter were
driven by higher condensate prices.
Per-barrel operating costs for the segment were
$11.91/bbl compared with $7.36/bbl in the second quarter of 2020,
due to higher per-unit operating costs of the legacy Husky assets,
planned turnarounds at Foster Creek, Sunrise and several
Lloydminster thermal projects, and increased AECO pricing and other
commodity-linked costs. Cenovus continues to focus on applying its
operating techniques to Husky assets to enhance performance,
including further expected reductions in operating costs.
ConventionalThe Conventional
assets generated operating margin of $142 million in the quarter
compared with $32 million in the same period a year ago, due to
higher realized sales prices on total production of 141,300 BOE/d,
which reflected increased volumes from legacy Husky assets.
Per-unit operating costs were $10.41/bbl
compared with $9.05/bbl in the second quarter of 2020, primarily
due to higher average operating expenses for the legacy Husky
assets. The segment had netbacks of $10.00/bbl in the quarter,
compared with $2.93/bbl in 2020.
OffshoreThe Offshore segment
had total production of 73,000 BOE/d, generating operating margin
of $340 million, with a netback of $57.06/BOE.
In the Asia Pacific region, sales volumes of
57,800 BOE/d received total realized sales pricing of $67.93/BOE in
the quarter, based on long-term contracted pricing for natural gas
and annual pricing contracts for NGLs. Operating netback for Asia
Pacific production was $58.34/BOE. In Indonesia, a final investment
decision was taken by the joint venture partners for the MAC field
in the Madura Strait.
Atlantic region production of 15,200 bbls/d
received Brent-like realized pricing of $86.07/bbl in the second
quarter, with a netback averaging $52.17/bbl.
Cenovus has increased its Offshore production
guidance to reflect the strength and consistency of its operations
through the first half of 2021.
Downstream Cenovus’s Downstream
segment, with total crude throughput of 539,000 bbls/d, generated
operating margin of $291 million in the second quarter compared
with $129 million in the same period of 2020, due to assets added
in the Husky transaction.
Canadian ManufacturingWith solid average
utilization of 94%, the Lloydminster Upgrader and Lloydminster
Asphalt Refinery contributed to total Canadian Manufacturing
operating margin of $189 million. The facilities have been
operating reliably and at near capacity throughout the year, with
throughput in the second quarter of 103,500 bbls/d. The Canadian
Manufacturing segment had operating expense of $9.89/bbl in the
quarter compared with $9.69/bbl in the first quarter of 2021.
Volumes shipped by rail through the Bruderheim
terminal were 3,100 bbls/d in the quarter compared with 5,700
bbls/d in the same period of 2020 as Cenovus optimized its expanded
pipeline capacity out of Alberta to U.S. destinations. The company
received $55 million in cash related to a take-or-pay contract for
the Bruderheim operations.
U.S. ManufacturingIncreasing demand for refined
products saw throughput in the U.S. Manufacturing segment increase
to 435,500 bbls/d, compared with 162,300 bbls/d in 2020. This
increase was also due to the addition of legacy Husky assets,
offset by planned and unplanned maintenance at the Wood River and
Borger refineries, and planned outages on third-party pipelines
supplying the Lima Refinery. The planned turnarounds at the Wood
River and Borger refineries were completed in the quarter.
Utilization in the second quarter averaged 87%.
The segment generated operating margin of $96 million compared with
$123 million in the second quarter of 2020, largely due to
increased operating expenses related to the turnarounds and the
higher cost of purchasing Renewable Identification Numbers (RINs).
RINs were priced at $8.12/bbl in the second quarter compared with
$2.21/bbl in the same period in 2020. RINs pricing was volatile in
the first half of the year, ranging from slightly more than
US$4.00/bbl to almost US$10.00/bbl.
Operating margin for the second quarter was
comparable to the first quarter of 2021 despite higher benchmark
crack spreads and increased throughput rates. Operating margin and
gross margin were impacted by higher RINs costs, which increased
from $180 million in the first quarter to $305 million in the
second quarter, and increased refinery feedstock costs due to
higher benchmark WTI prices.
Operating expense in the quarter was $9.96/bbl,
compared with $11.91/bbl in the year ago period due to higher
throughput year-over-year with the addition of legacy Husky assets
and as product demand recovers.
SustainabilityCenovus has
entered into a 15-year power purchase agreement with a partnership
between Cold Lake First Nations and Elemental Energy Inc. to buy
solar-power produced electricity and the associated emissions
offsets. The agreement will help Cenovus mitigate its scope 2
emissions, supporting its efforts to both reduce greenhouse gas
(GHG) emissions and further support Indigenous reconciliation
through economic engagement. The 150-megawatt project, to be built
in southern Alberta, is expected to begin adding electricity to the
provincial grid in 2023.
In June, Cenovus announced its participation in
the Oil Sands Pathways to Net Zero initiative, an alliance of five
companies with the goal of achieving net zero GHG emissions from
their oil sands operations by 2050. The alliance’s net zero
ambition will support Canada’s efforts to meet its Paris Agreement
commitments and 2050 net zero aspirations.
“We are committed to global climate leadership
and to taking bold action to address our emissions challenge, while
also helping Canada meet its climate goals and preserving the
long-term success of our business and industry, and the benefits it
provides,” said Pourbaix. “We will continue working with
governments, the clean tech industry and Indigenous communities to
make our vision a reality, cementing a spot as the supplier of
choice to meet the world’s growing demand for energy.”
Cenovus has released its 2020 Environmental,
Social and Governance (ESG) data report, aligning with the
Sustainability Accounting Standards Board (SASB) and IPIECA
(formerly the International Petroleum Industry Environmental
Conservation Association) reporting frameworks. The report includes
2020 performance metrics for Cenovus and Husky and 2016-2019
historical data for Cenovus. Later this year the company will
publish a more comprehensive ESG report, aligning with the Task
Force on Climate-related Disclosures, and containing pro forma 2020
metrics and revised targets for its five priority areas: climate
& GHG emissions, water stewardship, biodiversity, Indigenous
reconciliation and inclusion & diversity.
2021 Guidance updateCenovus has
updated its 2021 Guidance. The capital guidance range remains $2.3
billion to $2.7 billion for the year. However it now reflects an
increase to the Oil Sands spend of $100 million, which will add
production in 2022 including accelerating completion of the Spruce
Lake North Lloydminster thermal project and carrying out some
redevelopment wells at Christina Lake. This capital increase is
offset by a reduction in Downstream of $100 million, which reflects
efficiencies identified across the portfolio. The production
guidance range for 2021 increased by 2%, including an additional
10,000 bbls/d from Lloydminster thermals and increases in Offshore,
partially offset by announced asset sales in the Conventional
segment.
The operating cost guidance range for Oil Sands
has been increased modestly, reflecting increases in AECO pricing
and other commodity-linked costs. While these also impact operating
costs for the Lloydminster thermal projects, this is more than
offset by efficiencies achieved by applying Cenovus’s operating
techniques, and as a result the operating cost range has been
reduced. The operating cost guidance for Conventional has also been
reduced, reflecting efficiencies achieved there.
See the Guidance document for more detail,
including royalties, cash taxes and adjusted funds flow
sensitivities, at cenovus.com.
DividendFor the third quarter
of 2021, the Board of Directors declared a dividend of $0.0175 per
share, payable on September 30, 2021 to common shareholders of
record as of September 15, 2021. The Board also declared a
third-quarter dividend on each of the Cumulative Redeemable First
Preferred Shares – Series 1, Series 2, Series 3, Series 5 and
Series 7 – payable on September 30, 2021, to shareholders of
record as of September 15, 2021 as follows:
Preferred shares dividend summary |
|
Rate (%) |
Amount ($/share) |
Share series |
Series 1 |
2.577 |
0.16106 |
Series 2 |
1.839 |
0.11588 |
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.
Conference call today
9 a.m. Mountain Time (11 a.m. Eastern
Time)
Cenovus will host a conference call today, July
29, 2021, starting at 9 a.m. MT (11 a.m. ET). To participate,
please dial 888-390-0605 (toll-free in North America) or
416-764-8609 approximately 10 minutes prior to the conference call.
A live audio webcast of the conference call will also be
available. 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
funds flow, free funds flow and net debt, which are non-GAAP
measures. 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 and Analysis (MD&A) for the period
ended June 30, 2021 (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 U.S. Private Securities
Litigation Reform Act of 1995, about Cenovus’s current
expectations, estimates and projections about the future of the
combined 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”, “ambition”, “aspirations”,
“commitments”, “committed”, “continue”, “deliver”, “expect”,
“focus”, “goal”, “opportunities”, “on pace”, “on track”,
“priority”, “remain”, “target”, “vision” and “will” or similar
expressions and includes suggestions of future outcomes, including,
but not limited to statements about: general and 2021 priorities;
delivering at least $1 billion in synergies in 2021 and reaching
$1.2 billion in annual run-rate synergies by the end of 2021;
achieving $10 billion net debt in 2021 and a longer term net debt
target of $8 billion or lower; allocation of free cash flow;
leveraging and capturing additional synergies from the acquisition
of Husky; status of expected one-time integration-related costs;
current and future asset sales and the use of proceeds; full year
inventory risk management and corporate hedging programs to manage
inventory positions and improve certainty; opportunity for
incremental shareholder returns and investment in the business;
future reductions of per-barrel operating costs in the Oil Sands
segment; our expected results for the remainder of 2021; timing of
workforce return to the workplace; implementation of the Cenovus
Operations Integrity Management System at all sites and facilities;
Cenovus’s ambition to achieve net zero emissions by 2050 and plans
to set new ESG targets; Cenovus’s expectations for its
participation in the Oil Sands Pathways to Net Zero and the power
purchase agreement with a partnership between Cold Lake First
Nations and Elemental Energy Inc.; quarterly evaluation of
declaring dividends; planned turnarounds; and all statements
related to the company’s updated 2021 Guidance.
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: Cenovus’s
ability to realize the anticipated benefits of the Husky
transaction; the allocation of free cash flow to Cenovus’s balance
sheet; commodity prices; future narrowing of crude oil
differentials; 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 2021 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:
Cenovus’s ability to realize the anticipated benefits of the Husky
transaction; the effectiveness of Cenovus’s risk management
program; the accuracy of estimates regarding commodity prices,
operating and capital costs and currency and interest rates; risks
inherent in the operation of Cenovus’s business; ability to
successfully complete development plans and improve asset
performance; 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
MD&A for the period ended June 30, 2021 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).
Additional information concerning Husky’s
business and assets as of December 31, 2020 may be found in Husky’s
MD&A and Annual Information Form, each of which is filed and
available on SEDAR under Husky’s profile at sedar.com.
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.
Cenovus contacts:
Investors |
Media |
Investor Relations general
line |
Media Relations general line |
403-766-7711 |
403-766-7751 |
Cenovus Energy (TSX:CVE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cenovus Energy (TSX:CVE)
Historical Stock Chart
From Jul 2023 to Jul 2024