Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) delivered strong
operational performance across its portfolio in the second quarter
of 2024, with solid production from its upstream assets and
improved crude throughput at the company’s U.S. refineries, which
operated at an overall utilization rate of 93%. Net debt was $4.26
billion at June 30, 2024, and in July the company achieved its net
debt target of $4.0 billion. As a result, beginning in the third
quarter, Cenovus will begin returning 100% of excess free funds
flow (EFFF) to shareholders, as per the company’s shareholder
returns framework.
“With the achievement of this significant financial
milestone, we are now in a position to substantially increase our
shareholder returns,” said Jon McKenzie, Cenovus President &
Chief Executive Officer. “We will continue our focus on safely
delivering profitable and predictable operations, while progressing
our growth projects to further improve the resiliency of the
company.”
Recent highlights
- Achieved net debt target of $4.0 billion in July, immediately
shifting to returning 100% excess free funds flow to
shareholders.
- As a result of strong first half performance, increased the
midpoint of Upstream production guidance to 797,500 barrels of oil
equivalent per day (BOE/d)1 and the midpoint of Downstream
throughput guidance to 655,000 barrels per day (bbls/d). Capital
investment range is unchanged.
- The Narrows Lake tie-back pipeline to Christina Lake is
expected to achieve mechanical completion by the end of the year,
and remains on schedule to deliver first oil mid-2025.
- At Sunrise, the company began steaming two well pads which will
be brought on production in the third and fourth quarters of this
year.
- Achieved significant milestones on the West White Rose project
as the concrete gravity structure reached its final height and
topsides were structurally completed.
- Safely completed the largest turnaround in the Lloydminster
Upgrader’s history, with the facility now returned to full
operations.
|
Financial, production & throughput
summary |
|
|
|
For the period ended June 30 |
2024 Q2 |
2024 Q1 |
2023 Q2 |
|
|
Financial ($ millions, except per share
amounts) |
| Cash from (used in) operating
activities |
2,807 |
1,925 |
1,990 |
| Adjusted funds flow2 |
2,361 |
2,242 |
1,899 |
| Per share (diluted)2 |
1.26 |
1.19 |
0.98 |
| Capital investment |
1,155 |
1,036 |
1,002 |
| Free funds flow2 |
1,206 |
1,206 |
897 |
| Excess free funds flow2 |
735 |
832 |
505 |
| Net earnings (loss) |
1,000 |
1,176 |
866 |
| Per share (diluted) |
0.53 |
0.62 |
0.44 |
| Long-term debt, including
current portion |
7,275 |
7,227 |
8,534 |
| Net debt |
4,258 |
4,827 |
6,367 |
|
|
Production and throughput (before royalties, net to
Cenovus) |
| Oil and NGLs (bbls/d)1 |
656,300 |
658,200 |
608,400 |
| Conventional natural gas
(MMcf/d) |
867.2 |
855.8 |
729.4 |
| Total upstream
production (BOE/d)1 |
800,800 |
800,900 |
729,900 |
| Total downstream
throughput (bbls/d) |
622,700 |
655,200 |
537,800 |
|
|
| (1) See Advisory
for production by product type. |
| (2) Non-GAAP
financial measure or contains a non-GAAP financial measure. See
Advisory. |
| |
Second-quarter
resultsOperating
results1
Cenovus’s total revenues were approximately $14.9 billion in the
second quarter of 2024, up from $13.4 billion in the first
quarter, driven primarily by improved benchmark oil prices,
including a narrower light-heavy crude oil differential, combined
with strong operating results. Upstream revenues were about
$7.9 billion, an increase from $7.1 billion in the first
quarter, while downstream revenues were approximately
$9.1 billion, up from $8.6 billion in the first quarter. Total
operating margin3 was about $2.9 billion, compared with $3.2
billion in the previous quarter. Upstream operating margin4 was
approximately $3.1 billion, up from $2.6 billion in the first
quarter. The company had a downstream operating margin4 shortfall
of $153 million in the second quarter, compared with an operating
margin of $560 million in the previous quarter as the Lloydminster
Upgrader underwent a major planned turnaround. The turnaround was
impacted by weather-related delays which resulted in additional
costs due to lost productivity. The turnaround is now complete and
the Upgrader has ramped up to full rates. Downstream operating
margin was further impacted by narrower light-heavy crude oil
differentials in addition to planned and unplanned outages. In the
second quarter, operating margin in U.S. Refining benefited from
approximately $80 million of first in, first out (FIFO) gains.
Total upstream production was 800,800 BOE/d in the second
quarter, in line with the first quarter. Foster Creek volumes were
195,000 bbls/d compared with 196,000 bbls/d in the first quarter
and Christina Lake production was 237,100 bbls/d, in line with the
first quarter. Christina Lake will commence planned turnaround
activity in September, which is expected to reduce third-quarter
production volumes by approximately 45,000 bbls/d. Sunrise
production was 46,100 bbls/d in the second quarter, a slight
decline from the previous quarter, reflecting a planned outage.
Lloydminster thermal production was 113,500 bbls/d, which reflects
a successful redevelopment program and base well optimization.
Lloydminster conventional heavy oil production was 18,100 bbls/d,
in line with the first quarter. In the second quarter, Cenovus
loaded its first vessels at the Westridge Marine Terminal following
the successful startup of the Trans Mountain pipeline
expansion.
Production in the Conventional segment was 123,100 BOE/d in the
second quarter, an increase from 120,700 BOE/d in the prior
quarter. Conventional operating costs declined approximately 14%
from the first quarter of 2024, to $11.25/BOE4, reflecting lower
repair and maintenance expenses, the divestment of higher-cost
assets and the company’s commitment to cost discipline.
In the Offshore segment, production was 66,200 BOE/d compared
with 64,900 BOE/d in the first quarter. In Asia Pacific, sales
volumes were 57,800 BOE/d, reflecting strong natural gas demand in
the region. In the Atlantic, production was 8,400 bbls/d, up from
7,200 bbls/d in the prior quarter as the non-operated Terra Nova
field continues to ramp up to full rates. Sales volumes in the
Atlantic region in the second quarter were 14,800 bbls/d, compared
with 3,900 bbls/d in the first quarter. Planned maintenance work on
the SeaRose floating production, storage and offloading (FPSO)
vessel is nearing completion and the company anticipates the return
of the vessel to the White Rose field late in the third quarter of
this year.
Refining throughput in the second quarter was 622,700 bbls/d, a
decrease from 655,200 bbls/d in the first quarter, due to planned
maintenance activities in Canadian Refining as well as both planned
and minor unplanned outages in U.S. Refining. Crude throughput in
the Canadian Refining segment was 53,800 bbls/d in the second
quarter, compared with 104,100 bbls/d in the first quarter, with
the decrease due to the turnaround at the Lloydminster Upgrader.
The turnaround was safely and successfully completed, and the
Upgrader has now ramped up to normal rates. Weather-related delays
impacting the turnaround resulted in cost increases due to lost
productivity and extended the scheduled timeline.
In U.S. Refining, crude throughput was 568,900 bbls/d in the
second quarter, compared with 551,100 bbls/d in the first quarter.
Throughput in the quarter increased primarily due to improved
operating performance and availability across the company's
operated and non-operated refining assets and lower levels of
planned maintenance when compared with the prior quarter. In
addition, the company has optimized planned turnaround activity at
the Lima Refinery in the second half of the year, leveraging the
integration of the company’s expanded refinery network. This,
combined with the deferral of some planned turnaround activities
into 2025, is now reflected in the planned maintenance summary
below and in the company’s updated guidance range for crude
throughput.
|
(1) See Advisory for production by product type. |
|
| (3) Non-GAAP financial
measure. Total operating margin is the total of Upstream operating
margin plus Downstream operating margin. See Advisory. |
|
| (4) Specified financial
measure. See Advisory. |
|
| |
|
Financial results
Second-quarter cash from operating activities, which includes
changes in non-cash working capital, was about $2.8 billion,
compared with $1.9 billion in the first quarter of 2024. Adjusted
funds flow was approximately $2.4 billion, compared with $2.2
billion in the prior period and free funds flow was
$1.2 billion, in line with the previous quarter.
Second-quarter financial results were positively impacted by higher
benchmark crude oil prices and a narrowing of the light-heavy crude
oil differential, partially offset by higher feedstock costs in the
company’s Downstream business and increased condensate prices. Net
earnings in the second quarter were $1.0 billion, a slight decline
from $1.2 billion in the previous quarter, primarily as a result of
higher purchased product, and transportation and blending
costs.
Long-term debt, including the current portion, was $7.3 billion
at June 30, 2024, in line with the previous quarter. Net debt was
approximately $4.26 billion at June 30, 2024, a decrease from $4.8
billion at March 31, 2024, primarily due to free funds flow of $1.2
billion and a release of non-cash working capital. These factors
were partially offset by shareholder returns of $1.0 billion. In
July, the company achieved its net debt target of $4.0 billion, and
will now return 100% of EFFF to shareholders in accordance with its
financial framework.
Growth projects and capital investments
In the Oil Sands segment, the company continues to progress the
tie-back of Narrows Lake, building a 17-kilometre pipeline
connecting the reservoir to the Christina Lake processing facility,
which will add between 20,000 bbls/d and 30,000 bbls/d of
production starting in late 2025. The project is now 88%
constructed, with the first two pads drilled, and hydro testing of
the first segment of the line was completed in the second quarter
of 2024. At Sunrise, the company began steaming two well pads which
will be brought on production in the third and fourth quarters of
this year, and one additional well pad will come online in early
2025. Additionally, the optimization project at Foster Creek
remains on schedule for startup by the middle of 2026, with most
modules and major pieces of equipment in place and pipe
installation underway. At the Conventional Heavy Oil assets, the
rig fleet has ramped up to four rigs. The company expects to see
increased drilling activity in the second half of the year and a
higher exit production rate for the asset.
Capital in the Conventional business was directed towards
drilling, completion, tie-in and infrastructure projects. The West
White Rose project reached a significant milestone with the
completion of major construction on two key components of the
platform, with the concrete gravity structure reaching its final
height and the topsides structurally completed. The West White Rose
project is now approximately 80% complete and progressing
on-schedule, with first production expected from the field in 2026.
In the Downstream, capital was primarily directed to sustaining
activities and reliability initiatives at the company’s operated
and non-operated assets.
2024 guidance update
Cenovus has revised its 2024 corporate guidance to reflect the
company’s updated outlook for the remainder of the year. It is
available on Cenovus.com under Investors.
Changes to the company’s 2024 guidance include:
- Total upstream production of 785,000 BOE/d to 810,000 BOE/d, an
increase of 7,500 BOE/d at the midpoint as a result of strong
year-to-date performance and asset reliability.
- Total downstream throughput of 640,000 bbls/d to 670,000
bbls/d, an increase of 5,000 bbls/d at the midpoint as a result of
strong year-to-date performance and optimization of the company’s
turnaround activities in the second half of the year, including
turnaround activity that was deferred to 2025.
- Oil Sands operating costs of $10.50/bbl to $12.50/bbl
representing a decrease of 12% at the midpoint, and Asia Pacific
operating costs of $9.50/BOE to $10.50/BOE, representing a decrease
of $2.00/BOE at the midpoint.
- Updated Canadian Refining operating costs per barrel range to
$20.25/bbl to $22.25/bbl to reflect cost increases associated with
the Lloydminster Upgrader turnaround which were incurred in the
first half of the year.
- G&A expenses of $625 million to $675 million, a reduction
of $25 million at the midpoint
The company has also updated its commodity price assumptions,
guidance range for cash taxes, and operating cost guidance for the
Atlantic and U.S. Downstream segments. The company continues to
execute its capital program and there has been no change to
Cenovus’s expected capital investment range of $4.5 billion to $5.0
billion.
Dividend declarations and share purchases
The Board of Directors has declared a quarterly base dividend of
$0.180 per common share, payable on September 27, 2024 to
shareholders of record as of September 13, 2024.
In addition, the Board has declared a quarterly dividend on each
of the Cumulative Redeemable First Preferred Shares – Series 1,
Series 2, Series 3, Series 5 and Series 7 – payable on October 1,
2024 to shareholders of record as of September 13, 2024 as
follows:
|
Preferred shares dividend summary |
|
|
|
Share series |
Rate (%) |
Amount ($/share) |
|
Series 1 |
2.577 |
0.16106 |
|
Series 2 |
6.602 |
0.41488 |
|
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.
In the second quarter, the company returned approximately $1.0
billion to common shareholders. This was composed of $440 million
through its normal course issuer bid, $334 million through base
dividends and $251 million of variable dividends paid.
2024 planned maintenance
The following table provides details on planned maintenance
activities at Cenovus assets through 2024 and anticipated
production or throughput impacts.
|
2024 planned maintenancePotential quarterly
production/throughput impact (Mbbls/d or MBOE/d) |
|
|
|
|
Q3 |
Q4 |
Annualized impact |
|
Upstream |
|
|
|
|
Oil Sands |
42-47 |
6-10 |
13-16 |
|
Atlantic |
8-10 |
— |
5-7 |
|
Conventional |
6-8 |
— |
2-4 |
|
Downstream |
|
|
|
|
Canadian Refining |
2-5 |
— |
12-14 |
|
U.S. Refining |
10-15 |
15-20 |
12-15 |
| |
Organizational updates
Drew Zieglgansberger, Executive Vice-President & Chief
Commercial Officer, has announced his retirement from Cenovus
effective August 31, 2024. The current duties of the chief
commercial officer will be reassigned to other members of the
company’s senior leadership team.
“Drew has made significant contributions in multiple roles
during his impressive 25-year career with Cenovus and its
predecessor companies,” said McKenzie. “As Chief Commercial
Officer, Drew has led the successful integration of the commercial
aspects of our business with our operations, which we will continue
to build on as we demonstrate the value of our larger, integrated
company. I would like to thank Drew for his many contributions over
the years and wish him the very best.”
Sustainability
Cenovus’s 2023 Environmental, Social & Governance report was
originally scheduled to be published at the end of June. However,
due to significant uncertainty created by recent changes to
Canada’s Competition Act involving environmental and climate
disclosure standards, Cenovus will be issuing an interim Corporate
Social Responsibility report in late August, addressing safety,
Indigenous reconciliation, inclusion & diversity and
governance. The extent to which the Competition Bureau can provide
clarity regarding its new environmental disclosure standards will
help guide Cenovus’s future communications about the environmental
work the company continues to advance.
Conference call today
8 a.m. Mountain Time (10 a.m. Eastern Time)
Cenovus will host a conference call today, August 1, 2024,
starting at 8 a.m. MT (10 a.m. ET).
To join the conference call without operator assistance, please
register here approximately 5 minutes in advance to receive an
automated call-back when the session begins.
Alternatively, you can dial 888-664-6383 (toll-free in North
America) or 416-764-8650 to reach a live operator who will join you
into the call. A live audio webcast will also be available and
archived for approximately 90 days.
Advisory
Basis of Presentation
Cenovus 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) Accounting Standards.
Barrels of Oil Equivalent
Natural 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.
Product types
|
Product type by operating segment |
|
|
Three months endedJune 30, 2024 |
|
Oil Sands |
|
Bitumen (Mbbls/d) |
591.7 |
|
Heavy crude oil (Mbbls/d) |
18.1 |
|
Conventional natural gas (MMcf/d) |
10.5 |
|
Total Oil Sands segment production
(MBOE/d) |
611.5 |
|
Conventional |
|
|
Light crude oil (Mbbls/d) |
5.1 |
|
Natural gas liquids (Mbbls/d) |
21.4 |
|
Conventional natural gas (MMcf/d) |
579.4 |
|
Total Conventional segment production
(MBOE/d) |
123.1 |
|
Offshore |
|
|
Light crude oil (Mbbls/d) |
8.4 |
|
Natural gas liquids (Mbbls/d) |
11.6 |
|
Conventional natural gas (MMcf/d) |
277.3 |
|
Total Offshore segment production
(MBOE/d) |
66.2 |
|
Total upstream production (MBOE/d) |
800.8 |
|
|
Forward‐looking Information
This 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 about Cenovus’s current expectations,
estimates and projections about the future of the company, based on
certain assumptions made in light of the company’s 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 “anticipate”, “continue”, “deliver”, “expect”,
“focus”, “progress”, “target” and “will” or similar expressions and
includes suggestions of future outcomes, including, but not limited
to, statements about: returning Excess Free Funds Flow to
shareholders; shareholder returns; safety; profitable and
predictable operations; growth projects; resiliency; Net Debt;
production guidance; the optimization project at Foster Creek;
production at Sunrise; drilling activity and production at the
Conventional Heavy Oil assets; turnaround activity at Christina
Lake; planned maintenance on the SeaRose FPSO; return of the
SeaRose FPSO to the White Rose Field; first production from the
West White Rose project; optimizing planned turnaround activity for
U.S. Refining; allocation of Excess Free Funds Flow; 2024 planned
maintenance; dividend payments; and Cenovus’s 2024 corporate
guidance available on cenovus.com.
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: the allocation of free funds
flow to reducing net debt; commodity prices, inflation and supply
chain constraints; 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 2024 corporate 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: the accuracy
of estimates regarding commodity production and operating expenses,
inflation, taxes, royalties, capital costs and currency and
interest rates; risks inherent in the operation of Cenovus’s
business; and risks associated with climate change and Cenovus’s
assumptions relating thereto and other risks identified under “Risk
Management and Risk Factors” and “Advisory” in Cenovus’s
Management’s Discussion and Analysis (MD&A) for the year ended
December 31, 2023.
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 periods ended December 31, 2023 and June 30, 2024,
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
sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at
cenovus.com.
Specified Financial Measures
This news release contains references to certain specified
financial measures that do not have standardized meanings
prescribed by IFRS Accounting Standards. Readers should not
consider these measures in isolation or as a substitute for
analysis of the company’s results as reported under IFRS Accounting
Standards. These measures are defined differently by different
companies and, therefore, might not be comparable to similar
measures presented by other issuers. For information on the
composition of these measures, as well as an explanation of how the
company uses these measures, refer to the Specified Financial
Measures Advisory located in Cenovus’s MD&A for the period
ended June 30, 2024 (available on SEDAR+ at sedarplus.ca, on EDGAR
at sec.gov and on Cenovus's website at cenovus.com) which is
incorporated by reference into this news release.
Upstream Operating Margin and Downstream Operating
Margin
Upstream Operating Margin and Downstream Operating Margin, and
the individual components thereof, are included in Note 1 to the
interim Consolidated Financial Statements.
Total Operating Margin
Total Operating Margin is the total of Upstream Operating Margin
plus Downstream Operating Margin.
| |
Upstream (1) |
|
Downstream (1) |
|
Total |
|
|
($ millions) |
Q22024 |
|
Q12024 |
|
Q22023 |
|
Q22024 |
|
Q12024 |
|
Q22023 |
|
Q22024 |
|
Q12024 |
|
Q22023 |
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Sales |
8,715 |
|
|
7,864 |
|
|
7,285 |
|
|
9,053 |
|
|
8,567 |
|
7,427 |
|
|
17,768 |
|
|
16,431 |
|
|
14,712 |
|
|
|
Less: Royalties |
(859 |
) |
|
(747 |
) |
|
(637 |
) |
|
— |
|
|
— |
|
— |
|
|
(859 |
) |
|
(747 |
) |
|
(637 |
) |
|
| |
7,856 |
|
|
7,117 |
|
|
6,648 |
|
|
9,053 |
|
|
8,567 |
|
7,427 |
|
|
16,909 |
|
|
15,684 |
|
|
14,075 |
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased Product |
815 |
|
|
771 |
|
|
751 |
|
|
8,099 |
|
|
7,219 |
|
6,447 |
|
|
8,914 |
|
|
7,990 |
|
|
7,198 |
|
|
|
Transportation and Blending |
3,043 |
|
|
2,811 |
|
|
2,770 |
|
|
— |
|
|
— |
|
— |
|
|
3,043 |
|
|
2,811 |
|
|
2,770 |
|
|
|
Operating |
889 |
|
|
898 |
|
|
883 |
|
|
1,099 |
|
|
787 |
|
843 |
|
|
1,988 |
|
|
1,685 |
|
|
1,726 |
|
|
|
Realized (Gain) Loss on Risk Management |
20 |
|
|
6 |
|
|
(13 |
) |
|
8 |
|
|
1 |
|
(6 |
) |
|
28 |
|
|
7 |
|
|
(19 |
) |
|
|
Operating Margin |
3,089 |
|
|
2,631 |
|
|
2,257 |
|
|
(153 |
) |
|
560 |
|
143 |
|
|
2,936 |
|
|
3,191 |
|
|
2,400 |
|
|
| |
|
| (1) Found in the
June 30, 2024, or the March 31, 2024, interim Consolidated
Financial Statements. |
|
| |
|
Adjusted Funds Flow, Free Funds Flow and
Excess Free Funds Flow
The following table provides a reconciliation of cash from (used
in) operating activities found in Cenovus’s Consolidated Financial
Statements to Adjusted Funds Flow, Free Funds Flow and Excess Free
Funds Flow. Adjusted Funds Flow per Share – Basic and Adjusted
Funds Flow per Share – Diluted are calculated by dividing Adjusted
Funds Flow by the respective basic or diluted weighted average
number of common shares outstanding during the period and may be
useful to evaluate a company’s ability to generate cash.
| |
Three Months Ended |
|
|
($ millions) |
Jun. 30, 2024 |
|
|
Mar. 31, 2024 |
|
|
Jun. 30, 2023 |
|
|
|
Cash From (Used in) Operating Activities (1) |
2,807 |
|
|
1,925 |
|
|
1,990 |
|
|
|
(Add) Deduct: |
|
|
|
|
|
|
|
|
|
|
Settlement of Decommissioning Liabilities |
(48 |
) |
|
(48 |
) |
|
(41 |
) |
|
|
Net Change in Non-Cash Working Capital |
494 |
|
|
(269 |
) |
|
132 |
|
|
|
Adjusted Funds Flow |
2,361 |
|
|
2,242 |
|
|
1,899 |
|
|
|
Capital Investment |
1,155 |
|
|
1,036 |
|
|
1,002 |
|
|
|
Free Funds Flow |
1,206 |
|
|
1,206 |
|
|
897 |
|
|
|
Add (Deduct): |
|
|
|
|
|
|
|
|
|
|
Base Dividends Paid on Common Shares |
(334 |
) |
|
(262 |
) |
|
(265 |
) |
|
|
Dividends Paid on Preferred Shares |
(9 |
) |
|
(9 |
) |
|
(9 |
) |
|
|
Settlement of Decommissioning Liabilities |
(48 |
) |
|
(48 |
) |
|
(41 |
) |
|
|
Principal Repayment of Leases |
(75 |
) |
|
(70 |
) |
|
(76 |
) |
|
|
Acquisitions, Net of Cash Acquired |
(5 |
) |
|
(10 |
) |
|
(4 |
) |
|
|
Proceeds From Divestitures |
— |
|
|
25 |
|
|
3 |
|
|
|
Excess Free Funds Flow |
735 |
|
|
832 |
|
|
505 |
|
|
| |
|
| (1) Found in the
June 30, 2024, or the March 31, 2024, interim Consolidated
Financial Statements. |
|
| |
|
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, X, LinkedIn, YouTube and
Instagram.
Cenovus contacts
|
Investors |
Media |
|
Investor Relations general line403-766-7711 |
Media Relations general line403-766-7751 |
Cenovus Energy (NYSE:CVE)
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Cenovus Energy (NYSE:CVE)
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