Cenovus Energy Inc. (CVE) has taken a firm stance against the Canadian government, expressing dissatisfaction with the level of financial support extended to the oil-sands industry's ambitious C$16.5 billion carbon capture system, per a Bloomberg report.The federal government's proposed tax credits, covering only half of the capital costs, and Alberta's 12% subsidy have fallen short of Cenovus' expectations. Although Canada offers operating cost support through contracts guaranteeing a profitable carbon pri ...

Cenovus Energy Inc. (CVE) unveiled plans on Tuesday to ramp up its energy production by an impressive 19% over the next five years. This ambitious move comes in tandem with the expansion of Canada's pipeline capacity, signaling a pivotal shift in the country's oil landscape.On Cenovus Energy's annual investor day in Toronto, Drew Zieglgansberger, the company’s chief commercial officer, underscored the importance of the expansion. He emphasized that it signifies a fresh avenue into global markets, highlighti ...

CALGARY, Alberta, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) will hold its 2024 Investor Day in Toronto on Tuesday, March 5, 2024, at 8:30 a.m. ET (6:30 a.m. MT). Members of Cenovus's Leadership Team will provide an update on the company's strategy, outlook and operations to invited institutional investors and analysts. To accommodate a broader audience, the presentation will be webcast. The webcast and presentation will be available at cenovus.com by registering in advance a ...

Bet_Noire All financial numbers in this article are in Canadian dollars unless noted otherwise. Please note that oil and gas prices are always in US dollars. Introduction Two years ago, I came out as a huge fan of Canadian energy companies, as the nation's big oil names, Canadian Natural (CNQ), Suncor (SU), and Cenovus Energy (NYSE:CVE), have everything I'm looking for in oil companies: Deep reserves, which lowers the risks of "forced" M&A to keep production numbers steady. Efficient production provides th ...

Cenovus Energy Inc. (CVE) reported fourth-quarter 2023 adjusted earnings per share of 29 cents, which beat the Zacks Consensus Estimate of 25 cents. The bottom line is in line with the year-ago quarter’s 29 cents.Total quarterly revenues of $9.65 billion missed the Zacks Consensus Estimate of $9.73 billion. The top line also declined from the year-ago quarter’s $10.36 billion.Strong quarterly earnings can be primarily attributed to higher contributions from the Oil Sands unit and lower expenses.Operational ...

bjdlzx Cenovus Energy Inc. (NYSE:CVE) just announced that they reduced debt by more than C$900 million. At the current pace of debt retirements, management should achieve net debt of C$4 billion early in the second quarter. Even if they reduce net debt in the future by half that pace, the amount of free cash flow available to shareholders will go from 50% to 100% within the next fiscal year. At least some of that will go to more dividends in the future. That "some more" could amount to a rather generous ...

[Interim Consolidated Financial Statements (Unaudited)](index=1&type=section&id=Interim%20Consolidated%20Financial%20Statements%20(unaudited)) [Consolidated Statements of Earnings (Loss)](index=3&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20EARNINGS%20(LOSS)%20(UNAUDITED)) Cenovus reported 2023 net earnings of $4.1 billion on $52.2 billion revenue, a decrease from 2022 Consolidated Earnings Summary | For the periods ended December 31, ($ millions, except per share amounts) | Three Months 2023 | Three Months 2022 | Twelve Months 2023 | Twelve Months 2022 | | :--- | :--- | :--- | :--- | :--- | | **Revenues (Net of Royalties)** | 13,134 | 14,063 | 52,204 | 66,897 | | **Expenses** | 12,160 | 13,026 | 47,164 | 58,166 | | **Earnings Before Income Tax** | 974 | 1,037 | 5,040 | 8,731 | | **Net Earnings (Loss)** | 743 | 784 | 4,109 | 6,450 | | **Basic Net Earnings Per Share ($)** | 0.39 | 0.40 | 2.15 | 3.29 | | **Diluted Net Earnings Per Share ($)** | 0.39 | 0.39 | 2.12 | 3.20 | [Consolidated Statements of Comprehensive Income (Loss)](index=4&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20INCOME%20(LOSS)%20(UNAUDITED)) Full year 2023 comprehensive income was $3.8 billion, down from $7.2 billion in 2022 due to lower net earnings Consolidated Comprehensive Income Summary | For the periods ended December 31, ($ millions) | Three Months 2023 | Three Months 2022 | Twelve Months 2023 | Twelve Months 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net Earnings (Loss)** | 743 | 784 | 4,109 | 6,450 | | **Other Comprehensive Income (Loss), Net of Tax** | (246) | (170) | (262) | 786 | | *Foreign Currency Translation Adjustment* | *(243)* | *(183)* | *(274)* | *713* | | **Comprehensive Income (Loss)** | 497 | 614 | 3,847 | 7,236 | [Consolidated Balance Sheets](index=5&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS%20(UNAUDITED)) Total assets decreased to $53.9 billion in 2023, while liabilities reduced, increasing shareholders' equity Balance Sheet Summary | As at December 31, ($ millions) | 2023 | 2022 | | :--- | :--- | :--- | | **Total Current Assets** | 9,708 | 12,430 | | *Cash and Cash Equivalents* | *2,227* | *4,524* | | **Total Assets** | 53,915 | 55,869 | | **Total Current Liabilities** | 6,210 | 8,021 | | **Long-Term Debt** | 7,108 | 8,691 | | **Total Liabilities** | 25,203 | 28,280 | | **Shareholders' Equity** | 28,698 | 27,576 | | **Total Liabilities and Equity** | 53,915 | 55,869 | [Consolidated Statements of Equity](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20EQUITY%20(UNAUDITED)) Shareholders' equity grew to $28.7 billion in 2023, driven by net earnings, despite share repurchases and dividends Changes in Shareholders' Equity (2023) | ($ millions) | Amount | | :--- | :--- | | **As at December 31, 2022** | **27,576** | | Net Earnings | 4,109 | | Other Comprehensive Loss, Net of Tax | (262) | | Purchase of Common Shares Under NCIB | (1,061) | | Warrants Purchased and Cancelled | (713) | | Base Dividends on Common Shares | (990) | | **As at December 31, 2023** | **28,698** | [Consolidated Statements of Cash Flows](index=7&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS%20(UNAUDITED)) Cash from operating activities decreased to $7.4 billion in 2023, leading to a net $2.3 billion decrease in cash Cash Flow Summary | For the twelve months ended December 31, ($ millions) | 2023 | 2022 | | :--- | :--- | :--- | | **Cash From Operating Activities** | 7,388 | 11,403 | | **Cash Used in Investing Activities** | (5,295) | (2,314) | | **Cash Used in Financing Activities** | (4,313) | (7,676) | | **Increase (Decrease) in Cash and Cash Equivalents** | (2,297) | 1,651 | | **Cash and Cash Equivalents, End of Period** | 2,227 | 4,524 | [Notes to the Interim Consolidated Financial Statements](index=8&type=section&id=NOTES%20TO%20THE%20INTERIM%20CONSOLIDATED%20FINANCIAL%20STATEMENTS%20(UNAUDITED)) This section details business segments, accounting policies, acquisitions, debt, and financial instruments for 2023 [Note 1: Description of Business and Segmented Disclosures](index=8&type=section&id=1.%20DESCRIPTION%20OF%20BUSINESS%20AND%20SEGMENTED%20DISCLOSURES) Cenovus operates Upstream and Downstream segments, with 2023 income of $6.0 billion and $0.5 billion - Cenovus's operations are divided into five reportable segments: Oil Sands, Conventional, and Offshore (Upstream), and Canadian Refining and U.S. Refining (Downstream)[11](index=11&type=chunk) Segment Income (Loss) for Twelve Months Ended Dec 31 ($ millions) | Segment | 2023 | 2022 | | :--- | :--- | :--- | | **Upstream Total** | **6,017** | **8,075** | | Oil Sands | 5,136 | 6,267 | | Conventional | 210 | 851 | | Offshore | 671 | 957 | | **Downstream Total** | **498** | **1,573** | | Canadian Refining | 490 | 491 | | U.S. Refining | 8 | 1,082 | Total Capital Expenditures for Twelve Months Ended Dec 31 ($ millions) | Segment | 2023 | 2022 | | :--- | :--- | :--- | | **Total Upstream** | 3,476 | 2,446 | | **Total Downstream** | 747 | 1,176 | | **Acquisitions** | 427 | 1,621 | | **Total Capital Expenditures** | **4,725** | **5,329** | Total Assets by Segment as at Dec 31 ($ millions) | Segment | 2023 | 2022 | | :--- | :--- | :--- | | Oil Sands | 31,673 | 32,248 | | Conventional | 2,429 | 2,410 | | Offshore | 3,511 | 3,339 | | Canadian Refining | 2,960 | 3,172 | | U.S. Refining | 8,660 | 8,324 | | **Consolidated Total Assets** | **53,915** | **55,869** | [Note 3: Acquisitions](index=16&type=section&id=3.%20ACQUISITIONS) Cenovus acquired the remaining 50% of Toledo refinery for US$378 million, recognizing a $34 million revaluation loss - Cenovus acquired the remaining **50%** of the Toledo refinery from bp on February 28, 2023, for US$**378 million** (C$**514 million**), including working capital[25](index=25&type=chunk) - A non-cash revaluation loss of $**34 million** ($**23 million** after tax) was recognized on the re-measurement of the company's pre-existing **50%** interest in Toledo to its fair value at the acquisition date[28](index=28&type=chunk) - The acquired business contributed $**4.1 billion** in revenues and a net loss of $**85 million** from the acquisition date to December 31, 2023[30](index=30&type=chunk) [Note 6: Impairment Charges and Reversals](index=18&type=section&id=6.%20IMPAIRMENT%20CHARGES%20AND%20REVERSALS) No impairment charges or reversals in 2023, unlike 2022's significant U.S. Refining adjustments - No impairment indicators were identified for Upstream CGUs in 2023, and goodwill testing resulted in no impairments[33](index=33&type=chunk) - As at December 31, 2023, there were no indicators of impairment or impairment reversals for the Company's downstream CGUs[36](index=36&type=chunk) - In 2022, the company recorded a $**1.5 billion** impairment charge for the Toledo and Superior CGUs and reversed impairment charges of $**1.2 billion** for the Borger, Wood River, and Lima CGUs[37](index=37&type=chunk) [Note 8: Per Share Amounts](index=21&type=section&id=8.%20PER%20SHARE%20AMOUNTS) Basic EPS was $2.15 and diluted EPS $2.12 in 2023, with $990 million in common share dividends paid Earnings Per Share (EPS) | For the twelve months ended Dec 31, ($) | 2023 | 2022 | | :--- | :--- | :--- | | **Basic EPS** | 2.15 | 3.29 | | **Diluted EPS** | 2.12 | 3.20 | Common Share Dividends Declared and Paid | For the twelve months ended Dec 31, | 2023 Per Share ($) | 2023 Amount ($M) | 2022 Per Share ($) | 2022 Amount ($M) | | :--- | :--- | :--- | :--- | :--- | | **Base Dividends** | 0.525 | 990 | 0.350 | 682 | | **Variable Dividends** | — | — | 0.114 | 219 | | **Total** | **0.525** | **990** | **0.464** | **901** | - On February 14, 2024, the Board of Directors declared a Q1 2024 base dividend of $**0.140** per common share[44](index=44&type=chunk) [Note 14: Debt and Capital Structure](index=25&type=section&id=14.%20DEBT%20AND%20CAPITAL%20STRUCTURE) Total debt reduced to $7.3 billion in 2023, improving Net Debt to Adjusted EBITDA to 0.5 times Debt and Capitalization Summary | As at December 31, ($ millions) | 2023 | 2022 | | :--- | :--- | :--- | | **Total Debt** | 7,287 | 8,806 | | Less: Cash and Cash Equivalents | (2,227) | (4,524) | | **Net Debt** | **5,060** | **4,282** | | Shareholders' Equity | 28,698 | 27,576 | | **Capitalization** | **33,758** | **31,858** | | Adjusted EBITDA (trailing 12-months) | 10,201 | 13,227 | | **Net Debt to Adjusted EBITDA (times)** | **0.5** | **0.3** | | **Net Debt to Capitalization (percent)** | **15** | **13** | - The company has a committed credit facility consisting of a $**1.8 billion** tranche maturing in 2025 and a $**3.7 billion** tranche maturing in 2026[58](index=58&type=chunk) - For the twelve months ended December 31, 2023, the Company purchased US$**1.0 billion** of its outstanding unsecured notes[59](index=59&type=chunk) [Note 18: Share Capital and Warrants](index=29&type=section&id=18.%20SHARE%20CAPITAL%20AND%20WARRANTS) Cenovus repurchased 43.6 million shares and 45.5 million warrants, totaling $1.8 billion in returns - Under its NCIB, the company purchased and cancelled **43.6 million** common shares in 2023 at a volume weighted average price of $**24.32** per share, for a total of $**1.1 billion**[72](index=72&type=chunk) - On June 14, 2023, Cenovus purchased and cancelled **45.5 million** warrants for a total of $**711 million**[76](index=76&type=chunk) Issued and Outstanding Securities (Year-End) | Security (thousands) | 2023 | 2022 | | :--- | :--- | :--- | | **Common Shares** | 1,871,868 | 1,909,190 | | **Warrants** | 7,625 | 55,720 | [Note 23: Risk Management](index=34&type=section&id=23.%20RISK%20MANAGEMENT) Cenovus manages market, credit, and liquidity risks using derivatives, with 83% of receivables investment-grade - The company is exposed to market risk (commodity prices, FX, interest rates), credit risk, and liquidity risk, which it manages through various strategies including the use of derivative contracts[90](index=90&type=chunk) Net Fair Value of Risk Management Positions (as at Dec 31, 2023) | Position Type | Fair Value Asset (Liability) ($M) | | :--- | :--- | | Futures Contracts Related to Blending | 12 | | Power Swap Contracts | 2 | | Renewable Power Contracts | 18 | | Other Financial Positions | (20) | | **Total Fair Value** | **12** | - Credit risk is mitigated by policy; as of December 31, 2023, **83%** of accounts receivable were with investment-grade counterparties[91](index=91&type=chunk) [Note 25: Commitments and Contingencies](index=38&type=section&id=25.%20COMMITMENTS%20AND%20CONTINGENCIES) Total future commitments reached $28.8 billion, primarily $24.7 billion for transportation and storage Future Commitments as at December 31, 2023 ($ millions) | Commitment Type | Total | | :--- | :--- | | Transportation and Storage | 24,667 | | Product Purchases | 617 | | Real Estate | 898 | | Obligation to Fund HCML | 513 | | Other Long-Term Commitments | 2,101 | | **Total Commitments** | **28,796** | - Transportation commitments include $**13.0 billion** for projects subject to regulatory approval or approved but not yet in service[98](index=98&type=chunk) [Note 26: Prior Period Revisions](index=38&type=section&id=26.%20PRIOR%20PERIOD%20REVISIONS) 2022 comparative figures were revised for consistent accounting, with no impact on net earnings or financial position - Adjustments were made to 2022 comparative data to ensure consistent treatment of inter-segment sales and cost eliminations[102](index=102&type=chunk) - The revisions resulted in reclassifications among Gross Sales, Purchased Product, Transportation and Blending, and Operating expenses but had no impact on net earnings or financial position[102](index=102&type=chunk)[103](index=103&type=chunk)

Cenovus Energy Inc. (NYSE:CVE) Q4 2023 Earnings Conference Call February 15, 2024 11:00 AM ET Company Participants Jason Abbate - Senior Vice President, Investor Relations Jon McKenzie - Chief Executive Officer Keith Chiasson - Executive Vice President, Downstream Kam Sandhar - Executive Vice President, Strategy & Corporate Development Drew Zieglgansberger - Executive Vice President, Natural Gas & Technical Services Rhona DelFrari - Chief Sustainability Officer & Senior Vice President Conference Call Parti ...

Oil Sands 600 Conventional 125 Offshore 65 770 - 810 MBOE/d shareholder | --- | --- | |--------------------------------|----------------| | Upstream Production | 809 MBOE/d | | Downstream Throughput | 579 Mbbls/d | | Cash From Operating Activities | $2,946 million | | Adjusted Funds Flow1 | $2,062 million | | Free Funds Flow1 | $892 million | | Capital Investments | $1,170 million | | Net Debt | $5,060 million | | Long Term Debt | $7,108 million | Committed to maintaining minimum mid-BBB investment grade cr ...

Cenovus Energy (CVE) came out with quarterly earnings of $0.29 per share, beating the Zacks Consensus Estimate of $0.25 per share. This compares to earnings of $0.29 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 16%. A quarter ago, it was expected that this oil company would post earnings of $0.63 per share when it actually produced earnings of $0.72, delivering a surprise of 14.29%.Over the last four quarters, the company h ...