Cenovus Energy Q4 Earnings & Revenues Miss Estimates

Financial Performance - Cenovus Energy Inc. reported fourth-quarter 2024 adjusted earnings per share of 5 cents, missing the Zacks Consensus Estimate of 18 cents and declining from 29 cents a year ago [1] - Total quarterly revenues were $8.4 billion, below the Zacks Consensus Estimate of $9.9 billion and down from $9.6 billion in the previous year [1] Operational Performance - The Oil Sands unit's operating margin was C$2.34 billion, an increase from C$1.96 billion year-over-year, with daily oil sand production at 626.6 thousand barrels, up 2.3% year-over-year [3] - The Conventional unit's operating margin decreased to C$88 million from C$123 million, with daily liquid production dropping to 24.5 thousand barrels from 28.9 thousand barrels [4] - The Offshore segment's operating margin fell to C$242 million from C$370 million, with daily offshore liquid production down to 19.5 thousand barrels from 21.1 thousand barrels [4] - The Canadian Manufacturing unit's operating margin was C$47 million, down from C$126 million, processing 104.4 thousand barrels per day [5] - The U.S. Manufacturing unit reported an operating loss of C$443 million, compared to a loss of C$430 million a year earlier, with crude oil processed volumes increasing to 562.3 MBbl/D from 478.8 MBbl/D [5] Expenses - Transportation and blending expenses decreased to C$2.82 billion from C$2.89 billion year-over-year, while expenses for purchased products increased to C$1 billion from C$663 million [6] Capital Investment & Balance Sheet - Cenovus made a total capital investment of C$1.48 billion in the quarter, with cash and cash equivalents of C$3.10 billion and long-term debt of C$7.3 billion as of December 31, 2024 [7] Guidance - For 2025, Cenovus expects total upstream production to be between 805-845 MBoe/d, indicating an increase from 797.2 MBoe/d in 2024, and downstream throughput projected in the range of 650-685 MBbls/d, up from 646.9 MBbls/d in 2024 [9] - The company anticipates capital expenditure to be between $4.6-$5 billion for the year [9]