Cenovus Energy Inc.

Cenovus Energy Inc. and one of its subsidiaries have entered into an agreement to sell the general partnership that holds the Pipestone and Wembley natural gas and liquids business in northwestern Alberta (the "Pipestone Business") for cash proceeds of $625 million. The transaction also includes the Pipestone Business's 39% operated working interest in the Wembley gas plant. The sale is expected to close in the third quarter of 2018, subject to customary closing conditions.

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Cenovus Energy Inc. has published its 2017 corporate responsibility report detailing the company's efforts to accelerate its environmental performance, protect the health and safety of its staff, invest in and engage with the communities where it operates and maintain the highest standards of corporate governance.

• Achieving the company's lowest ever total recordable injury frequency (TRIF) of 0.36
• Awarding 33 scholarships valued at $3,500 each for Aboriginal students pursuing a full-time degree, diploma or certified trade
• Donating over $10 million to more than 1,000 local community organizations with a focus on supporting youth, strong families and safe communities
• Raising nearly $1.5 million for more than 500 charitable organizations through our annual Thanks & Giving employee donation campaign
• Spending $240 million doing business with local Aboriginal-owned companies or joint ventures and surpassing $2.4 billion in Aboriginal business spending since the company's launch in 2009  
• Publishing Cenovus's Carbon Disclosure: Managing climate-related risks. The report features Cenovus's perspective on the transition to a lower-carbon future, carbon pricing and the ways that the company is managing and mitigating climate-related risks.   

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Cenovus Energy Inc. achieved record production and delivered solid financial performance in the second quarter of 2018. The company had adjusted funds flow of $774 million, even after a realized risk management loss of $697 million, and generated free funds flow of $482 million. Cenovus ramped up its oil sands operations in the second quarter and achieved record high production volumes and record low per-barrel oil sands operating costs after using the dynamic storage capability of its reservoirs to strategically slow oil sands production in the first quarter due to market conditions. Following major planned turnarounds in the first quarter, Cenovus's Refining and Marketing segment also performed very well.

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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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