Cenovus Energy Inc.

Cenovus Energy has reported a challenging first quarter of 2018, with a net loss of $914 million tied to a number of factors, including reduced production due to shipping concerns and heavy risk-management losses.

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Cenovus Energy Inc. announced the appointment of Jonathan McKenzie as the company's next Chief Financial Officer.  He will replace Ivor Ruste who, as previously announced, will retire on April 30, 2018.

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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.

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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 Energy Inc. has engaged Sayer Energy Advisors to assist with the sale of the Company's light oil properties located in the Puskwa and Simonette areas of Alberta, as well as its oil sands properties located in the Panny, Godin, Peace River, Portage/Duncan and Craigend areas of Alberta.

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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.

• 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 Energy Inc. has entered into an agreement to sell its majority interest in the Weyburn carbon-dioxide enhanced oil recovery operation in Saskatchewan for cash proceeds of $940 million. The sale is expected to close in the fourth quarter of 2017, subject to customary closing conditions.

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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.

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 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 Energy Inc. has entered into an agreement to sell its Palliser crude oil and natural gas assets in southeastern Alberta to Torxen Energy and Schlumberger for cash proceeds of $1.3 billion. The sale is expected to close in the fourth quarter of this year, subject to customary closing conditions.

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