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 ...

CALGARY, Alberta, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) continued to deliver strong operational performance across the portfolio in the fourth quarter of 2023. The company's upstream assets performed exceptionally well, achieving the second-highest quarterly production rates in Cenovus's history. In its downstream business, the company continued to build operating momentum at its wholly-owned refineries. Upstream and downstream results were negatively impacted by a rapid ...

Cenovus Energy Inc. (CVE) is set to report fourth-quarter 2023 earnings on Feb 15, before the opening bell.In the last reported quarter, the company’s earnings of 72 cents per share beat the Zacks Consensus Estimate of 63 cents backed by higher contributions from the Oil Sands unit and lower expenses. CVE’s earnings missed the Zacks Consensus Estimate in one of the trailing four quarters and beat the same thrice, delivering an average negative earnings surprise of 3.3%. This is depicted in the graph below.E ...

CALGARY, Alberta, Feb. 09, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) will release its fourth-quarter and full-year 2023 results on Thursday, February 15. The news release will provide consolidated fourth-quarter and full-year operating and financial information. The company's quarterly and 2023 financial statements will be available on Cenovus's website, cenovus.com. Conference call: 9 a.m. MT (11 a.m. ET) To join the conference call without operator assistance, please register here ...

CALGARY, Alberta, Feb. 09, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) will release its fourth-quarter and full-year 2023 results on Thursday, February 15. The news release will provide consolidated fourth-quarter and full-year operating and financial information. The company’s quarterly and 2023 financial statements will be available on Cenovus’s website, cenovus.com. Conference call: 9 a.m. MT (11 a.m. ET) To join the conference call without operator assistance, please register her ...

Financial Data and Key Metrics Changes - The company reported approximately $3.4 billion of adjusted funds flow in the third quarter, with both upstream and downstream businesses contributing strongly to operating margin [85][17] - Net debt was approximately $6 billion at the end of the third quarter, with long-term debt decreasing to $7.2 billion after purchasing $1 billion of notes [5][17] - The company distributed over $1.2 billion directly to shareholders through base dividends, share buybacks, and partial payment of common share warrant obligations [85][70] Business Line Data and Key Metrics Changes - The upstream business production increased to nearly 800,000 BOE per day in the third quarter, with an operating margin of about $3.4 billion [17][62] - The downstream business generated over $900 million in operating margin, benefiting from favorable crack spreads [63][17] - The US manufacturing segment saw crude utilization increase from 70% in the prior quarter to 88% in the third quarter [84][17] Market Data and Key Metrics Changes - The company achieved first gas from the MAC Field in Indonesia in September, indicating strong performance in the Asia Pacific assets [68] - The Terra Nova FPSO returned to offshore Newfoundland and is expected to produce first oil in the fourth quarter [18][17] - The company noted that the widening of heavy oil differentials has provided opportunities for capturing additional margins [92][116] Company Strategy and Development Direction - The company plans to maintain capital spending in the range of $4.5 billion to $5 billion over the next few years, focusing on high-return growth projects [11][39] - Key growth projects include the Foster Creek steam expansion, Christina Lake pipeline development, and the West White Rose project, which are expected to contribute significant production increases [12][39][14] - The company aims to achieve a net debt target of $4 billion and deliver 100% of excess free funds flow to shareholders [70][55] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational reliability of oil sands assets and the execution of growth capital projects [3][17] - The company highlighted the importance of safety and operational performance, particularly following the challenges posed by wildfires earlier in the year [62][2] - Management acknowledged the potential for market volatility but emphasized a focus on executing the base business and progressing growth projects [50][95] Other Important Information - The company successfully restarted the Toledo refinery and achieved a safe startup of the fluid cat cracker at the Superior refinery [69][4] - The company is actively managing inventory and optimizing operations to maximize economic results amid fluctuating market conditions [74][92] - The West White Rose project is approximately 75% complete, with expectations for production growth starting in 2026 [39][18] Q&A Session Questions and Answers Question: What is the outlook for share buybacks and warrant obligations? - Management indicated that they expect to pay the remaining warrant obligation in Q4 and continue share buybacks as part of their shareholder return strategy [22][50] Question: Can you provide insights on the operational outlook for downstream performance? - Management stated that refining is a core part of the business, and they aim to improve downstream operations to match the performance of their thermal assets [41][92] Question: What are the key growth projects for 2024? - Management highlighted several growth projects, including Foster Creek and Sunrise, which are expected to contribute significantly to production growth [12][39][28] Question: How is the company managing its inventory and refining operations? - Management noted that they are actively looking at integration opportunities and optimizing operations to capture additional margins [92][74] Question: What is the company's strategy regarding the Trans Mountain pipeline? - Management plans to secure agreements for supply FOB at the dock and aims to access new markets, particularly in Asia [98][116]

8.9 BBOE Note: Market capitalization as at July 24, 2023. Values are approximate. Expected production based on July 26, 2023 guidance midpoints. Refining capacity represents net capacity to Cenovus and includes the completed acquisition of Toledo. Proved plus probable reserves evaluated by independent qualified evaluators with an effective date of December 31, 2022. See Advisory. 2023E Production (MBOE/d) cenovus | --- | --- | |--------------------------------|----------------| | Upstream Production | 730 M ...

Cenovus Energy, Inc. (NYSE:CVE) Q2 2023 Earnings Conference Call July 27, 2023 11:00 AM ET Jason Abbate - SVP, Investor Relations Joseph Zieglgansberger - EVP of Natural Gas & Technical Services Keith Chiasson - EVP, Downstream Rhona Delfrari - Chief Sustainability Officer & EVP, Stakeholder Engagement Conference Call Participants Greg Pardy - RBC Capital Markets Harry Mateer - Barclays Bank Manav Gupta - UBS Good day, ladies and gentlemen, and thank you for standing by. Welcome to Cenovus Energy's Second Q ...

Cenovus Energy Inc. (NYSE:CVE) Q1 2023 Results Conference Call April 26, 2022 11:00 AM ET Company Participants Jason Abbate - Senior Vice President of Investor Relations Alexander Pourbaix - President and Chief Executive Officer Jonathan McKenzie - Executive Vice President and Chief Operating Officer Keith Chiasson - Executive Vice President Downstream Norrie Ramsay - Executive Vice President, Upstream, Thermal, Major Projects and Offshore Jeff Hart - Executive Vice President and Chief Financial Office Kam ...