Cenovus Announces Fourth-Quarter and Full-Year 2024 Results

Financial Performance - Cenovus Energy Inc. reported over $2.0 billion in cash from operating activities for Q4 2024, down from $2.5 billion in Q3 2024 [14][22] - Adjusted funds flow for Q4 2024 was $1.6 billion, a decrease from $2.0 billion in the previous quarter [14][22] - The company generated $123 million in free funds flow in Q4 2024, compared to $614 million in Q3 2024 [14][22] - Net earnings for Q4 2024 were $146 million, significantly lower than $820 million in Q3 2024 [14][22] Production and Operations - Total upstream production reached 816,000 barrels of oil equivalent per day (BOE/d) in Q4 2024, a 6% increase from the previous quarter [6][9] - Oil Sands production set a new quarterly record at 628,500 BOE/d [6][9] - Total downstream throughput increased to 666,700 barrels per day (bbls/d), up from 642,900 bbl/d in Q3 2024 [11][12] Revenue and Margins - Total revenues for Q4 2024 were $12.8 billion, down from $13.8 billion in Q3 2024, primarily due to lower commodity prices [7][21] - The total operating margin was $2.3 billion, slightly lower than $2.4 billion in the previous quarter [8][21] - Upstream operating margin remained stable at $2.7 billion, while the downstream segment experienced a shortfall of $396 million due to weak refining crack spreads [8][21] Shareholder Returns - The company returned $706 million to shareholders in Q4 2024, including $108 million through share purchases and $348 million in dividends [32][22] - For the full year 2024, Cenovus returned $3.2 billion to shareholders [32][22] Growth Projects - Cenovus achieved significant milestones in its major upstream growth projects, including the mechanical completion of the Narrows Lake pipeline and the West White Rose project [17][18] - The optimization project at Foster Creek is 64% complete and on schedule for startup in 2026 [17][18] Reserves - At the end of 2024, Cenovus's total proved reserves were approximately 5.7 billion BOE, with a proved reserves life index of about 19 years [27][27]