Cenovus Energy Stock Price, News & Analysis

Cenovus Energy Inc. held its annual meeting of shareholders on April 26, 2023, where all 13 proposed board nominees were elected. The votes indicated strong support for the nominees, with most receiving over 99% approval. For example, Keith M. Casey garnered 99.70% approval, while Alexander J. Pourbaix received 98.61%. This high level of endorsement reflects shareholder confidence in the company's governance and strategic direction. Cenovus Energy is an integrated energy firm focused on safe and cost-efficient management of its oil and natural gas operations in Canada and the Asia Pacific, as well as refining and marketing activities in North America. The company emphasizes its commitment to sustainable operations.

Cenovus Energy reported first-quarter 2023 upstream production of 779,000 BOE/d and downstream throughput of 457,900 bbls/d. The company generated $1.4 billion in adjusted funds flow, a significant drop from $2.3 billion in the prior quarter, while cash used in operating activities reached $286 million. This decline is attributed to lower commodity prices and reduced production across both segments. In a positive move for shareholders, the Board approved a 33% dividend increase, raising the annual base dividend to $0.56 per share. Operationally, Cenovus successfully restarted its Superior Refinery, enhancing prospects for production growth in the second half of the year. However, the company lowered its production guidance to 790,000-810,000 BOE/d due to revised expectations.

Cenovus Energy is set to release its first-quarter 2023 results on April 26, 2023. This announcement will include consolidated operating and financial information for the quarter. Investors can access the financial statements on Cenovus's website. A conference call will also take place on the same day at 9 a.m. MT (11 a.m. ET), with options for registration or dialing in. Additionally, Cenovus will conduct its Annual Meeting of Shareholders at 11 a.m. MT (1 p.m. ET), also in a virtual-only format. The webcast link for the meeting will be available in the Investors section of their website. Cenovus is an integrated energy company involved in oil and natural gas production operations across Canada and the Asia Pacific, as well as refining and marketing operations in North America.

Cenovus Energy has completed the acquisition of bp's 50% stake in the Toledo Refinery, Ohio, raising its ownership to 100%. The deal, valued at approximately US$370 million, enhances Cenovus's downstream capacity to 740,000 barrels per day (bbls/d). The Toledo Refinery has a throughput capacity of 160,000 bbls/d, with 90,000 bbls/d dedicated to heavy oil. Cenovus anticipates ramping up production to full capacity by mid-second quarter 2023, supplemented by a multi-year product supply agreement with bp.

Cenovus Energy reported robust financial results for 2022, generating $11.4 billion in cash from operating activities and achieving $7.3 billion in free funds flow, enabling over $3.4 billion in shareholder returns. The fourth quarter saw production of 806,900 BOE/d and $2.3 billion in adjusted funds flow despite challenges impacting downstream operations. Net debt was reduced to $4.3 billion, a significant decline of $5.3 billion year-over-year. Total revenues for 2022 hit approximately $66.9 billion, with net earnings soaring to $6.5 billion compared to $587 million in 2021. Key projects include the restart of the Superior Refinery and the acquisition of the Toledo Refinery, expected to enhance refining capacity.

Cenovus Energy Inc. announced a leadership transition as Alex Pourbaix becomes Executive Chair and Jon McKenzie is promoted to President & CEO effective after the AGM on April 26, 2023. This succession plan underscores the company's commitment to strong internal development. Pourbaix will focus on governance and external advocacy for the Canadian energy sector, while McKenzie, with over 30 years of experience in finance and operations, is tasked with leading the company through market cycles. The company also noted the retirement of Keith MacPhail as Chair.

Cenovus Energy Inc. (TSX:CVE) will release its fourth-quarter and full-year 2022 results on February 16, 2023. The announcement will include consolidated operating and financial information for the fourth quarter and full year. Financial statements will be available on the company's website. A conference call is scheduled for 9 a.m. MT (11 a.m. ET) to discuss the results, with options for automated call-back registration or operator assistance. Cenovus is an integrated energy company focused on oil and natural gas production, with operations in Canada and the Asia Pacific region, and a commitment to managing assets safely and cost-efficiently.

Cenovus Energy Inc. (TSX: CVE) issued an update on its downstream operations following extreme winter storms and pipeline outages that affected refinery throughput in the U.S. and Canada. The Lloydminster Refinery performed well, but operational issues led to reduced throughput in December. Current estimates for Q4 2022 show Canadian throughput at 90-95 Mbbls/d and U.S. throughput at 370-380 Mbbls/d. The Lima Refinery is back at full rates, while the Lloydminster Upgrader and Borger Refinery are expected to follow by mid-January. Q1 2023 throughput is anticipated to be lower than expected.