Cenovus Energy Inc.

500 Centre Street SE
P.O. Box 766
Calgary, AB
CA, T2P 0M5
  • Tel: 403-766-2000
  • Fax: 403-766-7600
  • Toll Free in Canada & US: 1-877-766-2066
  • Website: www.cenovus.com
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Cenovus records strong earnings for 2017

Cenovus records strong earnings for 2017

Cenovus Energy Inc. delivered strong cash from operating activities and adjusted funds flow in 2017. Through its continued focus on capital discipline and reliable operational performance, the company generated almost $1.3 billion in free funds flow last year. Cenovus also completed the divestitures of its legacy conventional oil and natural gas assets within its expected timeframe. 

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Cenovus projects reduced costs and continued deleveraging of balance sheet for 2018

Cenovus Energy Inc. plans to invest between $1.5 billion and $1.7 billion in 2018, with the majority of the budget allocated to sustain base production at the company's oil sands operations. The remaining capital will primarily support continued construction at the phase G oil sands expansion at Christina Lake, where costs are coming in below original expectations, and a targeted drilling program in the Deep Basin. This budget reflects Cenovus's focus on capital discipline, cost reduction and deleveraging.

Highlights: (2018 budget vs. Nov. 1, 2017 guidance)
  • Per-barrel oil sands operating costs - down 8%
  • Per-barrel Deep Basin operating costs - down 11%
  • Per-barrel oil sands sustaining capital costs - down 12%
  • Christina Lake phase G go-forward capital efficiencies - a 21% improvement (vs. previous estimate)
  • Total oil sands production - up 26%

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Cenovus shows strong third quarter results

Cenovus shows strong third quarter results

Cenovus Energy Inc. delivered strong cash from operating activities and adjusted funds flow in the third quarter including three full months of solid contribution from the oil sands and Deep Basin assets acquired on May 17, 2017. To further optimize its portfolio and deleverage its balance sheet, the company has announced sale agreements for its Pelican Lake, Suffield and Palliser assets for combined gross cash proceeds of approximately $2.8 billion. Cenovus continues to target $4 billion to $5 billion of cumulative announced sale agreements in 2017. Through a continued focus on capital discipline and strong operational performance, Cenovus generated $544 million in free funds flow in the quarter.

Key highlights 
  1. Increased third quarter cash from operating activities and adjusted funds flow by 91% and 133% respectively, compared with the same period in 2016
  2. Recorded a net loss of $69 million, a 73% improvement over Q3 2016
  3. Retired $950 million of the company's $3.6 billion asset-sale bridge facility
  4. Reduced planned 2017 capital spending guidance by $100 million to $1.6 billion at the midpoint with no expected impact to production in core areas. The reduced capital forecast reflects further cost and capital improvements achieved this year.

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Cenovus names Pourbaix new President and CEO

Cenovus names Pourbaix new President and CEO

Cenovus Energy Inc. announced the appointment of Alex Pourbaix as President & Chief Executive Officer and member of the Board of Directors. Pourbaix will start the role on November 6. He replaces Brian Ferguson, who announced earlier this year that he will be retiring from that position after 33 years with Cenovus and its predecessor companies. Ferguson's last day as President & Chief Executive Officer will be November 2.

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Cenovus to sell Suffield assets for $512 million

Cenovus to sell Suffield assets for $512 million

Cenovus Energy Inc. has entered into a definitive agreement to sell its Suffield crude oil and natural gas operations in southern Alberta to International Petroleum Corporation for gross cash proceeds of $512 million. The parties have also agreed to a deferred purchase price adjustment that gives Cenovus the opportunity to benefit from potential additional payments of up to $36 million. The sale of the Suffield assets, which include Cenovus's properties on Canadian Forces Base Suffield and the adjacent Alderson property, is expected to close in the fourth quarter, subject to closing conditions.

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Cenovus on Dow Jones Sustainability index for eighth year

Cenovus on Dow Jones Sustainability index for eighth year

Cenovus Energy Inc. has been recognized once again for its corporate responsibility performance. The company has been included in the Dow Jones Sustainability North America Index for the eighth consecutive year. Cenovus is one of only two Canadian oil and gas producers to make the index this year. Areas where the company scored well include stakeholder engagement, environmental reporting, water management, social reporting, risk and crisis management, biodiversity, corporate citizenship and philanthropy, climate strategy and corporate governance.

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