Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) delivered upstream
production in the first quarter of 779,000 barrels of oil
equivalent per day (BOE/d)1 and downstream throughput of 457,900
barrels per day (bbls/d). The company generated $1.4 billion in
adjusted funds flow and cash used in operating activities was $286
million. First-quarter results reflect lower commodity prices,
reduced production in the upstream business and lower operating
throughput in the downstream compared with the fourth quarter.
Consistent with Cenovus’s commitment to shareholders, the Board of
Directors approved a 33% increase in the company’s base dividend,
to $0.56 per share annually starting in the second quarter of 2023.
“We are committed to demonstrating stronger performance across
our business, and reaching our $4 billion net debt target,” said
Alex Pourbaix, who moves from his role as Cenovus’s President &
Chief Executive Officer to Executive Chair of the Board following
today’s Annual Meeting of Shareholders. “As the year progresses, we
expect improved production and a fully operating downstream
business. The increase in our base dividend underscores our
confidence in the long-term success of the company.”
Corporate developments
- Achieved the safe and successful restart of the Superior
Refinery, with crude oil introduced mid-March. The refinery is
currently running barrels in preparation for expected
second-quarter refined product sales.
- Closed the Toledo Refinery transaction for approximately US$370
million and assumed operatorship.
- Oil sands production expected to be stronger in the second half
of the year due to pad timing, as the company continues to optimize
the business for future production growth.
- Revised 2023 corporate guidance
to reflect updated outlook for commodity prices, upstream
production and operating costs for the remainder of the year.
- U.S. Manufacturing throughput has
been revised to 480,000 bbls/d to 500,000 bbls/d.
Financial, production & throughput
summary |
(For the period ended March 31) |
2023 Q1 |
2022 Q4 |
% change |
2022 Q1 |
% change |
Financial ($ millions, except per share
amounts) |
Cash from (used in) operating activities |
(286) |
2,970 |
- |
1,365 |
- |
Adjusted funds flow2 |
1,395 |
2,346 |
(41) |
2,583 |
(46) |
Per share (basic)2 |
0.73 |
1.22 |
- |
1.30 |
- |
Per share (diluted)2 |
0.71 |
1.19 |
- |
1.27 |
- |
Capital investment |
1,101 |
1,274 |
(14) |
746 |
48 |
Free funds flow2 |
294 |
1,072 |
(73) |
1,837 |
(84) |
Excess free funds flow2 |
(499) |
786 |
- |
2,615 |
- |
Net earnings (loss) |
636 |
784 |
(19) |
1,625 |
(61) |
Per share (basic) |
0.33 |
0.40 |
- |
0.81 |
- |
Per share (diluted) |
0.32 |
0.39 |
- |
0.79 |
- |
Long-term debt, including current portion |
8,681 |
8,691 |
- |
11,744 |
(26) |
Net debt |
6,632 |
4,282 |
55 |
8,407 |
(21) |
Production and throughput (before royalties, net to
Cenovus) |
Oil and NGLs (bbls/d)1 |
636,200 |
664,900 |
(4) |
654,500 |
(3) |
Conventional natural gas (MMcf/d) |
857.0 |
852.0 |
1 |
865.3 |
(1) |
Total upstream production (BOE/d)1 |
779,000 |
806,900 |
(3) |
798,600 |
(2) |
Total downstream throughput (bbls/d) |
457,900 |
473,300 |
(3) |
501,800 |
(9) |
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
results1Cenovus’s total revenues were
approximately $12.3 billion in the first quarter, a decrease from
$14.1 billion in the fourth quarter of 2022, mainly due to lower
benchmark commodity prices. Upstream revenues were $6.8 billion,
compared with $7.4 billion in the previous quarter and downstream
revenues were about $7.4 billion, compared with nearly $8.4 billion
in the fourth quarter.
Total operating margin3 was $2.1 billion, compared with about
$2.8 billion in the fourth quarter. Upstream operating margin4 was
$1.7 billion, down from $2.2 billion in the prior quarter,
primarily driven by lower Brent and West Texas Intermediate (WTI)
crude oil prices, a wider light-heavy differential, as well as
slightly lower production volumes. Downstream operating margin4 was
$391 million, compared with $558 million in the fourth quarter.
U.S. Manufacturing operating margin was impacted by higher
operating costs at the Superior Refinery, associated with the
continued commissioning of the facility as well as assuming full
ownership of the Toledo Refinery following the close of Cenovus’s
acquisition from bp. Downstream operating margin was further
impacted by a unit outage at the Wood River Refinery that occurred
in the fourth quarter of 2022, which reduced utilization as well as
refining margin capture. In addition, the cost of processing crude
oil purchased in prior periods at higher prices negatively impacted
operating margin in U.S. Manufacturing by approximately $255
million.
“The company has achieved major milestones with the safe
startups of the Superior and Toledo refineries under way,” said Jon
McKenzie, who moves from his role as Cenovus’s Executive
Vice-President & Chief Operating Officer to President
& Chief Executive Officer following today’s Annual Meeting of
Shareholders. “While the Lima Refinery continues to operate well,
the U.S. Manufacturing business as a whole has not performed to our
expectations. We are actively taking steps to improve performance
and expect meaningfully better results through this year and beyond
as we start demonstrating the full operating and financial
capabilities of our integrated business.”
In U.S. Manufacturing, crude utilization was 67% and throughput
was 359,200 bbls/d compared with 75% and 379,000 bbls/d in the
fourth quarter, due to unplanned outages and as planned turnaround
activities began at the non-operated Wood River and Borger
refineries. After experiencing impacts from a severe winter storm
in late December, the Lima Refinery quickly rebounded with strong
operating performance in the first quarter, achieving crude
utilization of 94%. The Superior Refinery introduced crude oil in
mid-March and remains on track to ramp up to full
operations through the second quarter of 2023. The acquisition
of the remaining 50% of the Toledo Refinery closed on February 28.
In April the Toledo Refinery’s smaller capacity 30,000 bbls/d crude
oil unit restarted and is currently producing refined products. The
larger capacity 120,000 bbls/d unit is expected to restart in May
and ramp up to full rates through the second quarter.
Following an incident in December 2022 at the non-operated Wood
River Refinery as well as severe weather around the end of the
quarter, crude utilization returned to normal rates in the first
quarter. Due to the unplanned downtime of the affected unit, the
partnership incurred significant cost associated with fulfilling
contractual obligations for finished product, which impacted gross
margins during the first quarter. The first phase of a planned
turnaround was completed by early April and the second phase, which
will also impact throughput, began in mid-April and is expected to
be completed in the second quarter.
First-quarter crude utilization in the Canadian Manufacturing
segment increased to 89% with throughput of 98,700 bbls/d compared
with crude utilization and throughput of 85% and 94,300 bbls/d in
Q4 2022. The fourth quarter was impacted by severe winter weather
and an unplanned outage at the Lloydminster Upgrader. First-quarter
results also reflect strong operating performance at the
Lloydminster Refinery, which achieved crude utilization of 99%
during the period.
Total upstream production was 779,000 BOE/d in the first
quarter, a slight decrease from the fourth quarter. Christina Lake
production was 237,200 bbls/d, down from fourth-quarter production
of 250,300 bbls/d due to the timing of new sustaining well pads.
Foster Creek production of 190,000 bbls/d was largely in line with
the previous quarter. Foster Creek and Christina Lake each have
three additional well pads coming online in the second half of the
year. Sunrise production was 44,500 bbls/d, relatively unchanged
from the fourth quarter. At the Lloydminster thermal projects,
production was 99,000 bbls/d, down slightly from the previous
quarter’s 102,500 bbls/d, as the company took some wells offline
for redevelopment and maintenance activity during the first
quarter. Conventional production was 123,900 BOE/d, largely in line
with the fourth quarter.
In the Offshore segment, production was 65,600 BOE/d compared
with 70,200 BOE/d in the previous quarter. In Asia Pacific,
production decreased slightly compared with the fourth quarter due
to lower contracted gas sales in China, partially offset by higher
sales in Indonesia as the MBH and MDA fields continue to ramp up.
In the Atlantic region, the non-operated Terra Nova floating
production, storage and offloading vessel remains dockside in
Newfoundland and Labrador, undergoing further maintenance as part
of its asset life extension program. Cenovus has removed Terra Nova
production volumes from its 2023 corporate guidance.
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 resultsFirst-quarter cash used in
operating activities, which includes changes in non-cash working
capital, was $286 million compared with almost $3.0 billion of cash
from operating activities in the fourth quarter of 2022, while
adjusted funds flow was $1.4 billion, down from $2.3 billion in the
previous period. Free funds flow fell to $294 million from $1.1
billion in the fourth quarter. First-quarter adjusted funds flow,
when compared to the fourth quarter, was impacted by lower overall
commodity prices and results in the U.S. Manufacturing segment were
lower by approximately $255 million due to the cost of processing
crude oil purchased in prior periods at higher prices. In addition,
Oil Sands segment sales volumes were lower compared to production
by approximately 12,500 BOE/d, as the company built inventory due
to the timing of sales, in addition to higher volumes of crude in
transit to the U.S. Gulf Coast. Capital investment of $1.1 billion
was primarily directed towards sustaining production in the oil
sands, the Superior Refinery rebuild and refining reliability
initiatives at the jointly-owned Wood River and Borger
refineries.
First-quarter net earnings were $636 million, compared with $784
million in the previous quarter. The decline in net earnings was
primarily due to lower operating margin and lower foreign exchange
gains, partially offset by lower general and administrative costs,
as well as a deferred income tax recovery related to the Toledo
acquisition.
Long-term debt, including the current portion, was $8.7 billion
at March 31, 2023, comparable to December 31, 2022. Net debt was
approximately $6.6 billion at March 31, 2023, an increase of about
$2.4 billion from December 31, 2022. The increase in net debt is
mainly attributable to a change in non-cash working capital of $1.6
billion due to a $1.2 billion cash payment for the company’s 2022
taxes and lower accounts payable, $465 million primarily related to
the close of the Toledo acquisition and the first variable payment
to bp as part of the 2022 Sunrise transaction, as well as $240
million for shareholder returns. Assuming commodity prices remain
around current levels, the company expects net debt to fall below
its $4.0 billion floor in the fourth quarter.
2023 guidance updateCenovus has revised its
2023 corporate guidance to reflect the company’s updated outlook
for commodity prices, production, throughput and operating costs
for the remainder of the year. It is available on cenovus.com under
Investors.
Changes to the company’s 2023 guidance include:
- Total production guidance of 790,000
BOE/d to 810,000 BOE/d, which includes a reduction of 10,000 bbls/d
from the Atlantic production range, reflecting the removal of Terra
Nova volumes.
- U.S. Manufacturing throughput of
480,000 bbls/d to 500,000 bbls/d, reflecting lower throughput
year-to-date at Cenovus’s non-operated refineries due to unplanned
outages early in the first quarter, as well as a longer ramp up
period than originally anticipated at Toledo. As a result, guidance
for U.S. Manufacturing unit operating expense has increased by
$1.00/bbl.
2023 planned maintenance The following table
provides details on planned maintenance activities at Cenovus
assets in 2023 and anticipated production or throughput
impacts.
2023 planned maintenance |
Potential quarterly production/throughput impact
(Mbbls/d) |
|
Q2 |
Q3 |
Q4 |
Upstream |
Foster Creek |
18 - 20 |
- |
- |
Lloydminster Thermals |
1 - 2 |
1 - 2 |
- |
Downstream |
U.S. Manufacturing |
3 - 5 |
18 – 20 |
50 - 60 |
Dividend declarations and share purchasesThe
Board of Directors has declared a quarterly base dividend of $0.14
per common share, an increase of 33%, payable on June 30, 2023 to
shareholders of record as of June 15, 2023. On an annual basis, the
base dividend will increase to $0.56 per share from $0.42 per
share, and will continue to be declared and paid quarterly, at the
discretion of the Board. The base dividend continues to be a
structural component of the financial framework and is set at a
level Cenovus is confident can be sustainably covered at bottom of
the cycle pricing of about US$45 WTI, with additional capacity to
grow over the next five years.
In addition, the Board declared a quarterly dividend on each of
the Cumulative Redeemable First Preferred Shares – Series 1, Series
2, Series 3, Series 5 and Series 7 – payable on June 30, 2023
to shareholders of record as of June 15, 2023 as follows:
Preferred shares dividend summary |
|
Rate (%) |
Amount ($/share) |
Share
series |
Series 1 |
2.577 |
0.16106 |
Series 2 |
6.294 |
0.39230 |
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.
Cenovus’s shareholder returns framework has a target of
returning 50% of excess free funds flow to shareholders for
quarters where the ending net debt is between $9 billion and $4
billion. In the first quarter, the company bought approximately 2
million shares under its normal course issuer bid, delivering $40
million in returns to shareholders. Subsequent to the end of the
quarter, as of April 21, 2023, the company had bought back
approximately 2.1 million shares for an additional $51 million.
SustainabilityIn the first quarter of 2023,
Cenovus and its Pathways Alliance peers continued to advance work
on plans to build one of the world’s largest carbon capture and
storage (CCS) projects, which is foundational to the net zero
ambitions of Canada’s six largest oil sands companies that comprise
the group. The Alliance awarded a contract to a global engineering
and consulting company to develop detailed plans for the
400-kilometre CO2 transportation pipeline that would eventually
link more than 20 oil sands facilities to a hub for permanent
carbon storage in Alberta’s Cold Lake region. Engineering and field
work is progressing rapidly to support an anticipated regulatory
application for the CCS network in the fourth quarter of this year.
Early engagement with more than 20 Indigenous communities along the
proposed CO2 transportation and storage network corridor is
underway, and formal engagement is expected to begin in the second
quarter.
Cenovus also continues to progress work towards its own
sustainability targets with further updates scheduled to be
released mid-year in the company’s 2022 ESG report.
Leadership transition updateIn addition to Alex
Pourbaix becoming Executive Board Chair and Jon McKenzie stepping
into the role of Cenovus’s President & Chief Executive Officer
following the close of the company’s Annual Meeting of
Shareholders, Claude Mongeau will become Lead Independent Director
of the Board. Jane Kinney will assume the position of Chair of the
Audit Committee, a role currently filled by Mongeau. Kinney, a
Cenovus director since April 2019 and a member of the Audit
Committee since June 2019, served in increasingly senior positions
with Deloitte LLP Canada until her retirement from the firm.
Conference call today
9 a.m. Mountain Time (11 a.m. Eastern Time)
Cenovus will host a conference call today, April 26, 2023,
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 877-400-0505 (toll-free in North
America) or 647-484-0475 to reach a live operator who will join you
into the call. A live audio webcast will also be available and
will be archived for approximately 90 days.
Cenovus will host its Annual Meeting of Shareholders today,
April 26, 2023, in a virtual format beginning at 11 a.m. MT (1 p.m.
ET). The webcast link to the Shareholders Meeting will be available
under Presentations and Events in the Investors section of
cenovus.com.
AdvisoryBasis
of PresentationCenovus 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).
Barrels of Oil
EquivalentNatural 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,
2023 |
Oil Sands |
Bitumen (Mbbls/d) |
570.7 |
Heavy crude oil (Mbbls/d) |
16.8 |
Conventional natural gas (MMcf/d) |
12.0 |
Total Oil Sands segment production (MBOE/d) |
589.5 |
Conventional |
Light crude oil (Mbbls/d) |
6.4 |
Natural gas liquids (Mbbls/d) |
22.0 |
Conventional natural gas (MMcf/d) |
572.9 |
Total Conventional segment production
(MBOE/d) |
123.9 |
Offshore |
Light crude oil (Mbbls/d) |
8.9 |
Natural gas liquids (Mbbls/d) |
11.4 |
Conventional natural gas (MMcf/d) |
272.1 |
Total Offshore segment production (MBOE/d) |
65.6 |
Total upstream production (MBOE/d) |
779.0 |
Forward‐looking
InformationThis 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”, “on
track”, “progressing”, “target”, and “will” or similar expressions
and includes suggestions of future outcomes, including, but not
limited to, statements about: performance across the business;
achieving net debt of $4.0 billion; improving production; product
sales at the Superior Refinery; stronger oil sands production and
optimization for future production; meaningfully better results in
the U.S. Manufacturing business; ramp up to full operations at the
Superior Refinery and Toledo Refinery and timing of the same;
planned turnaround activities; ramp up of MBH and MDA fields;
dividend payments; excess free funds flow under the shareholder
returns framework; working with Pathways Alliance to advance a
carbon capture and storage project toward a regulatory application
and formal engagement with Indigenous communities; progressing work
on the Company’s sustainability targets and providing further
updates in 2023; managing assets in a safe, innovative and
cost-efficient manner while integrating environmental, social and
governance considerations into the Company’s business plans; and
revised 2023 corporate guidance.
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 revised 2023 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 prices, inflation, operating and
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, 2022.
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 period ended December 31, 2022, 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 sedar.com, on EDGAR at sec.gov and Cenovus’s
website at cenovus.com).
Specified Financial MeasuresThis news release
contains references to certain specified financial measures that do
not have standardized meanings prescribed by IFRS. Readers should
not consider these measures in isolation or as a substitute for
analysis of the company’s results as reported under IFRS. 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, 2023,
(available on SEDAR at sedar.com, 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
MarginUpstream Operating Margin and Downstream Operating
Margin, and the individual components thereof, are included in Note
1 to the interim Consolidated Financial Statements.
Total Operating MarginTotal Operating Margin is
the total of Upstream Operating Margin plus Downstream Operating
Margin.
|
Upstream(1) |
|
Downstream(1) |
|
Total |
|
Q1 2023 |
|
Q4 2022 |
|
Q1 2022 |
|
Q1 2023 |
|
Q4 2022 |
|
Q1 2022 |
|
Q1 2023 |
|
Q4 2022 |
|
Q1 2022 |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Sales |
7,415 |
|
8,307 |
|
10,897 |
|
7,368 |
|
8,380 |
|
|
8,116 |
|
14,783 |
|
16,687 |
|
19,013 |
Less: Royalties |
596 |
|
875 |
|
1,185 |
|
— |
|
— |
|
|
— |
|
596 |
|
875 |
|
1,185 |
|
6,819 |
|
7,432 |
|
9,712 |
|
7,368 |
|
8,380 |
|
|
8,116 |
|
14,187 |
|
15,812 |
|
17,828 |
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased Product |
1,069 |
|
1,157 |
|
1,818 |
|
6,222 |
|
7,071 |
|
|
6,817 |
|
7,291 |
|
8,228 |
|
8,635 |
Transportation and
Blending |
2,994 |
|
2,962 |
|
3,194 |
|
— |
|
— |
|
|
— |
|
2,994 |
|
2,962 |
|
3,194 |
Operating |
1,029 |
|
955 |
|
909 |
|
754 |
|
759 |
|
|
645 |
|
1,783 |
|
1,714 |
|
1,554 |
Realized (Gain) Loss on Risk Management |
16 |
|
134 |
|
871 |
|
1 |
|
(8 |
) |
|
110 |
|
17 |
|
126 |
|
981 |
Operating
Margin |
1,711 |
|
2,224 |
|
2,920 |
|
391 |
|
558 |
|
|
544 |
|
2,102 |
|
2,782 |
|
3,464 |
(1) Found in Note 1 of the
March 31, 2023, or December 31, 2022, 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) |
March 31, 2023 |
|
|
Dec. 31, 2022 |
|
|
March 31, 2022 |
|
|
Cash From (Used in) Operating Activities(1) |
(286) |
|
|
2,970 |
|
|
1,365 |
|
|
(Add) Deduct: |
|
|
|
|
|
|
Settlement of
Decommissioning Liabilities |
(48) |
|
|
(49) |
|
|
(19) |
|
|
Net Change in
Non-Cash Working Capital |
(1,633) |
|
|
673 |
|
|
(1,199) |
|
|
Adjusted
Funds Flow |
1,395 |
|
|
2,346 |
|
|
2,583 |
|
|
Capital
Investment |
1,101 |
|
|
1,274 |
|
|
746 |
|
|
Free Funds
Flow |
294 |
|
|
1,072 |
|
|
1,837 |
|
|
Add (Deduct): |
|
|
|
|
|
|
Base Dividends
Paid on Common Shares |
(200) |
|
|
(201) |
|
|
(69) |
|
|
Dividends Paid on
Preferred Shares |
(18) |
|
|
- |
|
|
(9) |
|
|
Settlement of
Decommissioning Liabilities |
(48) |
|
|
(49) |
|
|
(19) |
|
|
Principal
Repayment of Leases |
(70) |
|
|
(74) |
|
|
(75) |
|
|
Acquisitions, Net
of Cash Acquired |
(465) |
|
|
(7) |
|
|
- |
|
|
Proceeds From
Divestitures |
8 |
|
|
45 |
|
|
950 |
|
|
Excess
Free Funds Flow |
(499) |
|
|
786 |
|
|
2,615 |
|
|
(1) Found in the March 31, 2023, or the
December 31, 2022, 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, Twitter, LinkedIn, YouTube and
Instagram.
Cenovus contacts
Investors |
Media |
Investor Relations general
line403-766-7711 |
Media Relations general
line403-766-7751 |
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