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
  • Follow us:

Related News

Tags
Drilling & Production
Industry News

Cenovus provides first-quarter update, responds to pipeline constraints and price differentials

Cenovus provides first-quarter update, responds to pipeline constraints and price differentials

Cenovus Energy Inc. has been operating its oil sands facilities at reduced production rates and is storing excess barrels in its reservoirs in response to wider than normal light-heavy price differentials and recent pipeline capacity constraints as well as the slow pace of the ramp-up in crude-by-rail export capacity in Alberta.

Read More

Tags
Industry News

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. 

Read More

Tags
Industry News

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%

Read More

Tags
Industry News

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.

Read More

Tags
Industry News

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.

Read More