Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) delivered solid results
across its portfolio in the first quarter of 2024. Production from
its upstream assets remained strong through the quarter, and
reflects scheduled maintenance in the Atlantic region. The
downstream assets continued to run with high operational
availability, allowing them to benefit from improved benchmark
pricing in the U.S. Beginning in the second quarter of 2024, the
Board of Directors approved a 29% increase in the base dividend to
$0.72 per share annually, and declared a variable dividend of
$0.135 per share to fulfill the company’s first quarter shareholder
return allocation. Consistent with Cenovus’s financial framework,
the base dividend is fully supported over the long term by funds
flow generation at the bottom of the commodity price cycle.
“We continue to focus on safe and reliable operations across our
integrated business as we progress our priorities of deleveraging
our balance sheet, increasing our shareholder returns, advancing
work to decarbonize our production and furthering our growth
projects,” said Jon McKenzie, Cenovus President & Chief
Executive Officer. “As we outlined at our Investor Day, our
high-quality assets with long reserve life, together with our
integrated strategy and strong operating performance, position
Cenovus for success not only today but well into the future.”
First-quarter highlights
- Upstream production of almost 801,000 barrels of oil equivalent
per day (BOE/d)1, including 114,100 barrels per day (bbls/d) at the
Lloydminster thermals.
- Downstream throughput of more than 655,000 bbls/d, representing
94% utilization in Canadian Refining and 87% in U.S. Refining.
- Attained targeted mid-BBB credit ratings from all rating
agencies, with S&P Global Ratings upgrading Cenovus to BBB with
a stable outlook.
- Pathways Alliance began filing regulatory applications to the
Alberta Energy Regulator for the proposed carbon capture and
storage project.
- Progressed our growth projects at West White Rose, Foster
Creek, Christina Lake and Sunrise.
Financial, production & throughput
summary |
For the period ended March 31 |
2024 Q1 |
2023 Q4 |
2023 Q1 |
Financial ($ millions, except per share
amounts) |
Cash from (used in) operating activities |
1,925 |
2,946 |
(286) |
Adjusted funds flow2 |
2,242 |
2,062 |
1,395 |
Per share (diluted)2 |
1.19 |
1.09 |
0.71 |
Capital investment |
1,036 |
1,170 |
1,101 |
Free funds flow2 |
1,206 |
892 |
294 |
Excess free funds flow2 |
832 |
471 |
(499) |
Net earnings (loss) |
1,176 |
743 |
636 |
Per share (diluted) |
0.62 |
0.39 |
0.32 |
Long-term debt, including current portion |
7,227 |
7,108 |
8,681 |
Net debt |
4,827 |
5,060 |
6,632 |
Production and throughput (before royalties, net to
Cenovus) |
Oil and NGLs (bbls/d)1 |
658,200 |
662,600 |
636,200 |
Conventional natural gas (MMcf/d) |
855.8 |
876.3 |
857.0 |
Total upstream production (BOE/d)1 |
800,900 |
808,600 |
779,000 |
Total downstream throughput (bbls/d) |
655,200 |
579,100 |
457,900 |
1 See Advisory for production by product type.2 Non-GAAP
financial measure or contains a non-GAAP financial measure. See
Advisory.
First-quarter resultsOperating
results1
Cenovus’s total revenues were approximately $13.4 billion in the
first quarter of 2024, up slightly from $13.1 billion in the fourth
quarter, driven primarily by strong operating results. Upstream
revenues were about $7.1 billion, an increase from $6.9 billion in
the prior quarter, while downstream revenues were approximately
$8.6 billion, an increase from the fourth quarter of 2023. Total
operating margin3 was about $3.2 billion, compared with $2.2
billion in the previous quarter. Upstream operating margin4 was
approximately $2.6 billion, in line with the fourth quarter.
Downstream operating margin4 was $560 million in the first quarter,
compared with an operating margin shortfall of $304 million in the
previous quarter. In the first quarter, operating margin in U.S.
Refining benefited from approximately $195 million of first-in,
first-out (FIFO) gains.
Total upstream production was 800,900 BOE/d in the first
quarter, a slight decrease from the fourth quarter as the SeaRose
floating production, storage and offloading (FPSO) vessel suspended
production in late December in preparation for its planned
off-station. Foster Creek volumes were 196,000 bbls/d compared with
198,800 bbls/d in the fourth quarter and Christina Lake production
was 236,500 bbls/d, in line with the previous quarter. Sunrise
production of 48,800 bbls/d was also in line with the fourth
quarter. At the Lloydminster thermal projects, production increased
to 114,100 bbls/d from 106,600 bbls/d in the prior quarter, which
reflects higher reliability from the optimization of the asset and
the implementation of Cenovus operating practices.
Production in the Conventional segment was 120,700 BOE/d in the
first quarter, in line with the fourth quarter.
In the Offshore segment, production was 64,900 BOE/d compared
with approximately 70,200 BOE/d in the fourth quarter. Asia Pacific
sales volumes in the first quarter were in line with the prior
quarter. In the Atlantic region, production was 7,200 bbls/d
compared with 9,700 bbls/d in the prior quarter due to the SeaRose
FPSO vessel beginning its planned drydock. Maintenance work is
underway and the company anticipates the return of White Rose field
production late in the third quarter of this year. The
quarter-over-quarter offshore production decrease was partially
offset by the non-operated Terra Nova FPSO vessel resuming
operations offshore Newfoundland and Labrador. Light crude oil
production from the White Rose and Terra Nova fields is stored at
an onshore terminal before shipment to buyers, which can result in
a timing difference between production and sales. Sales volumes in
the Atlantic region in the first quarter were 3,900 bbls/d,
compared with 15,000 bbls/d in the fourth quarter of 2023.
Refining throughput in the quarter of 655,200 bbls/d was a
record volume as Cenovus continues to improve its downstream
reliability. Crude throughput in the Canadian Refining segment was
104,100 bbls/d in the first quarter, compared with 100,300 bbls/d
in the fourth quarter, with the increase primarily due to higher
reliability in the first quarter. In the coming weeks, the Upgrader
will commence a planned seven-week turnaround, which will impact
throughput and utilization in the second quarter.
In U.S. Refining, crude throughput was 551,100 bbls/d in the
first quarter, compared with 478,800 bbls/d in the fourth quarter.
Throughput in the quarter increased primarily due to improved
operating performance and availability across the company's
operated and non-operated refining assets, in addition to lower
levels of planned maintenance when compared with the prior
quarter.
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
First-quarter cash from operating activities, which includes
changes in non-cash working capital, was about $1.9 billion,
compared with $2.9 billion in the fourth quarter of 2023. Adjusted
funds flow was approximately $2.2 billion, compared with $2.1
billion in the prior period and free funds flow was $1.2 billion,
an increase from $892 million in the fourth quarter. First-quarter
financial results were positively impacted by higher refining
benchmark prices and a FIFO gain in the U.S. Refining segment,
partially offset by approximately $250 million related to
stock-based compensation paid in the first quarter of 2024.
Net earnings in the first quarter were $1.2 billion, compared
with $743 million in the previous quarter, with the increase
primarily due to higher operating margin and a gain on asset
divestitures in the first quarter of 2024. This was partially
offset by higher income taxes, general and administrative expenses
and a foreign exchange loss in the first quarter compared with a
gain in the fourth quarter of 2023.
Long-term debt, including the current portion, was $7.2 billion
at March 31, 2024, in line with year-end 2023. Net debt was
approximately $4.8 billion at March 31, 2024, a decrease from $5.1
billion at December 31, 2023, primarily due to free funds flow of
$1.2 billion, partially offset by shareholder returns of $436
million and a build in non-cash working capital. In the first
quarter, the company achieved its targeted mid-BBB credit ratings
from all rating agencies. S&P Global Ratings upgraded Cenovus
to BBB with a stable outlook, citing the company's debt
reduction.
Capital investment of $1.0 billion in the first quarter was
primarily directed towards sustaining production in the Oil Sands
segment, drilling, completions and infrastructure projects in the
Conventional business, and sustaining activities in the Downstream
segments. Additionally, the company continues to progress growth
and optimization projects in its upstream business. Work on the
West White Rose project is progressing and the company anticipates
first production from the field in 2026. Construction of the
tie-back of Narrows Lake to Christina Lake remains on track to
start up in the first half of 2025. At Sunrise, the company will
bring two additional well pads on line later this year, which will
support sustaining current production levels. In addition, the
Foster Creek optimization project is well underway, and expected to
add 30,000 bbls/d once fully ramped up by the end of 2027.
Financial framework
Maintaining a strong balance sheet with the resilience to
withstand price volatility and capitalize on opportunities
throughout the commodity price cycle is a key element of Cenovus’s
capital allocation framework. In 2022 Cenovus established a net
debt target of ~1.0x adjusted funds flow at the bottom of the
commodity price cycle, or US$45 West Texas Intermediate (WTI),
which translates into approximately $4.0 billion in net debt.
Currently, Cenovus’s shareholder returns framework has a target of
returning 50% of Excess Free Funds Flow (EFFF) to shareholders for
quarters where the ending net debt is between $9.0 billion and $4.0
billion, and 100% of EFFF to shareholders where the ending net debt
is below $4.0 billion.
The company has made a modification to the shareholder returns
framework, specifically to address a scenario following the
achievement of the target where net debt rises above $4.0 billion
in any given quarter. Under the adjusted framework, should net debt
rise above the $4.0 billion target in a given quarter, instead of
reverting to a 50% payout ratio, the company will deduct the amount
by which the previous quarter’s net debt exceeded $4.0 billion from
the 100% EFFF payout. If the previous quarter net debt is below
$4.0 billion, Cenovus will target to return 100% of EFFF to
shareholders with no adjustment.
In order to efficiently manage working capital
and cash, the allocation of EFFF to shareholder returns in any of
the scenarios described above may be accelerated, deferred or
reallocated between quarters, while maintaining our target to, over
time, allocate 100% of EFFF to shareholder returns and sustain net
debt at $4.0 billion.
Dividend declarations and share purchases
The Board of Directors has declared a quarterly base dividend of
$0.180 per common share, payable on June 28, 2024 to shareholders
of record as of June 14, 2024.
The Board also declared a variable dividend of $0.135 per common
share to shareholders of record on May 17, 2024, payable on May 31,
2024.
In addition, the Board has declared a quarterly dividend on each
of the Cumulative Redeemable First Preferred Shares – Series 1,
Series 2, Series 3, Series 5 and Series 7 – payable on July 2, 2024
to shareholders of record as of June 14, 2024 as follows:
Preferred shares dividend summary |
Share series |
Rate (%) |
Amount ($/share) |
Series 1 |
2.577 |
0.16106 |
Series 2 |
6.711 |
0.41715 |
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 first quarter, the company returned $436 million to
shareholders, composed of $165 million through its normal
course issuer bid and $271 million through common and
preferred share dividends. In addition, the variable dividend will
deliver $251 million to shareholders in the second quarter.
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 maintenance |
Potential quarterly production/throughput impact
(Mbbls/d) |
|
Q2 |
Q3 |
Q4 |
Annualized impact |
Upstream |
|
|
|
|
Oil Sands |
11 - 14 |
42 - 47 |
6 - 10 |
13 - 16 |
Atlantic |
8 - 10 |
8 - 10 |
— |
5 - 7 |
Conventional |
3 - 5 |
4 - 6 |
— |
2 - 4 |
Downstream |
|
|
|
|
Canadian Refining |
42 - 46 |
— |
— |
10 - 12 |
U.S. Refining |
12 - 16 |
30 - 34 |
56 - 60 |
30 - 35 |
|
|
|
|
|
Organizational updates
Geoff Murray, currently Senior Vice-President, Commercial, has
been promoted to Executive Vice-President, Commercial, and will
continue to report to the Chief Commercial Officer.
Jeff Hart, Executive Vice-President, Corporate & Operations
Services, has chosen to leave the organization to pursue
personal and other professional opportunities. Logan Popko,
currently Vice-President, Well Delivery, is being promoted to
Senior Vice-President, Corporate & Operations Services,
reporting to the Chief Operating Officer.
Sustainability
During the first quarter, Pathways Alliance began filing
regulatory applications to the Alberta Energy Regulator for the
proposed carbon capture and storage (CCS) project. The proposed CCS
project would be one of the world’s largest carbon sequestration
networks. Discussions with the federal and Alberta governments on
the co-investment mechanisms to support advancement of the CCS
project are ongoing.
Cenovus is a founding member of Pathways, a collaboration of
companies representing approximately 95% of Canadian oil sands
production. Members Cenovus, Canadian Natural, ConocoPhillips
Canada, Imperial, MEG Energy and Suncor share the goal of reducing
emissions from oil sands production in phases, on the path to
reaching net zero emissions from production by 2050.
Conference call
today9 a.m. Mountain Time (11 a.m. Eastern Time)Cenovus
will host a conference call today, May 1, 2024, starting at 9 a.m.
MT (11 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.Cenovus will host its Annual
Meeting of Shareholders today, May 1, 2024, in a virtual format
beginning at 11 a.m. MT (1 p.m. ET). The webcast link to the
Shareholders Meeting is available under Presentations and Events in
the Investors section of cenovus.com. |
|
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 endedMarch 31,
2024 |
Oil Sands |
Bitumen (Mbbls/d) |
595.4 |
Heavy crude oil (Mbbls/d) |
17.9 |
Conventional natural gas (MMcf/d) |
11.9 |
Total Oil Sands segment production (MBOE/d) |
615.3 |
Conventional |
|
Light crude oil (Mbbls/d) |
5.3 |
Natural gas liquids (Mbbls/d) |
22.0 |
Conventional natural gas (MMcf/d) |
560.5 |
Total Conventional segment production
(MBOE/d) |
120.7 |
Offshore |
|
Light crude oil (Mbbls/d) |
7.2 |
Natural gas liquids (Mbbls/d) |
10.4 |
Conventional natural gas (MMcf/d) |
283.4 |
Total Offshore segment production (MBOE/d) |
64.9 |
Total upstream production (MBOE/d) |
800.9 |
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: deleveraging; decarbonizing; shareholder
returns; funds flow generation; downstream reliability; return of
production at the White Rose field; turnaround activity at the
Lloydminster Upgrader; growth and optimization projects; topside
completion and first production at the West White Rose project;
start-up of the Narrows Lake tie-back project; drilling well pads
at the Sunrise facility to increase production; increased
production at Foster Creek due to optimization; maintaining a
strong balance sheet; net debt; net debt to adjusted funds flow;
Cenovus’s shareholder returns framework; excess free funds flow;
planned maintenance; dividend payments; the proposed Pathways
Alliance carbon capture and storage pipeline; reducing emissions
from oil sands operations; 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 March 31,
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 March 31, 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) |
Q1 2024 |
|
Q4 2023 |
|
Q1 2023 |
|
Q1 2024 |
|
Q4 2023 |
|
Q1 2023 |
|
Q1 2024 |
|
Q4 2023 |
|
Q1 2023 |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Sales |
7,864 |
|
|
7,797 |
|
|
7,217 |
|
|
8,567 |
|
8,404 |
|
|
7,137 |
|
16,431 |
|
|
16,201 |
|
|
14,354 |
|
Less: Royalties |
(747 |
) |
|
(902 |
) |
|
(596 |
) |
|
— |
|
— |
|
|
— |
|
(747 |
) |
|
(902 |
) |
|
(596 |
) |
|
7,117 |
|
|
6,895 |
|
|
6,621 |
|
|
8,567 |
|
8,404 |
|
|
7,137 |
|
15,684 |
|
|
15,299 |
|
|
13,758 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased Product |
771 |
|
|
663 |
|
|
838 |
|
|
7,219 |
|
7,888 |
|
|
5,991 |
|
7,990 |
|
|
8,551 |
|
|
6,829 |
|
Transportation and Blending |
2,811 |
|
|
2,894 |
|
|
3,027 |
|
|
— |
|
— |
|
|
— |
|
2,811 |
|
|
2,894 |
|
|
3,027 |
|
Operating |
898 |
|
|
864 |
|
|
1,029 |
|
|
787 |
|
826 |
|
|
754 |
|
1,685 |
|
|
1,690 |
|
|
1,783 |
|
Realized (Gain) Loss on Risk
Management |
6 |
|
|
19 |
|
|
16 |
|
|
1 |
|
(6 |
) |
|
1 |
|
7 |
|
|
13 |
|
|
17 |
|
Operating
Margin |
2,631 |
|
|
2,455 |
|
|
1,711 |
|
|
560 |
|
(304 |
) |
|
391 |
|
3,191 |
|
|
2,151 |
|
|
2,102 |
|
(1) Found in the March 31, 2024, or the December
31, 2023, 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) |
Mar. 31, 2024 |
|
Dec. 31, 2023 |
|
Mar. 31, 2023 |
|
Cash From (Used in) Operating Activities (1) |
1,925 |
|
2,946 |
|
(286 |
) |
(Add) Deduct: |
|
|
|
Settlement of Decommissioning
Liabilities |
(48 |
) |
(65 |
) |
(48 |
) |
Net Change in Non-Cash Working
Capital |
(269 |
) |
949 |
|
(1,633 |
) |
Adjusted Funds
Flow |
2,242 |
|
2,062 |
|
1,395 |
|
Capital Investment |
1,036 |
|
1,170 |
|
1,101 |
|
Free Funds
Flow |
1,206 |
|
892 |
|
294 |
|
Add (Deduct): |
|
|
|
Base Dividends Paid on Common
Shares |
(262 |
) |
(261 |
) |
(200 |
) |
Dividends Paid on Preferred
Shares |
(9 |
) |
(9 |
) |
(18 |
) |
Settlement of Decommissioning
Liabilities |
(48 |
) |
(65 |
) |
(48 |
) |
Principal Repayment of
Leases |
(70 |
) |
(72 |
) |
(70 |
) |
Acquisitions, Net of Cash
Acquired |
(10 |
) |
(14 |
) |
(465 |
) |
Proceeds From
Divestitures |
25 |
|
— |
|
8 |
|
Excess Free Funds
Flow |
832 |
|
471 |
|
(499 |
) |
(1) Found in the March 31, 2024, or the December 31, 2023,
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.
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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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From Oct 2023 to Oct 2024