Cenovus Energy Stock Price, News & Analysis

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.

Cenovus Energy Inc. (CVE) announced its disciplined 2023 budget, planning to invest between $4.0 billion and $4.5 billion to maintain operations and boost growth. The projection includes $2.8 billion for sustaining capital and $1.2 billion to $1.7 billion for optimization and growth projects. Upstream production is expected between 800,000 and 840,000 BOE/d, with downstream throughput increasing by 28%. Operating costs for oil sands remain stable, while decreasing in U.S. manufacturing by 22%. The company aims to reach a net debt floor of $4 billion by year-end 2022.

Cenovus Energy has renewed its normal course issuer bid (NCIB) to buy back up to 136,717,741 common shares from November 9, 2022, to November 8, 2023. This buyback aligns with the company's capital allocation framework, aimed at enhancing shareholder value and reflects the belief that the market price of its shares may not fully represent their underlying value. Cenovus's prior NCIB permitted the repurchase of 146,451,823 shares, with 117,993,150 shares repurchased at an average price of $21.19 before its expiration.

Cenovus Energy reported strong third-quarter 2022 results with over $4 billion in cash from operating activities and nearly $2.1 billion in free funds flow. Upstream production reached approximately 778,000 BOE/d, while downstream throughput averaged 533,500 bbls/d.

The Board declared a variable dividend of $0.114 per share, payable on December 2, 2022, and reduced net debt to about $5.3 billion. However, revenues dropped to $17.5 billion from $19.2 billion, primarily due to lower benchmark prices.

Cenovus Energy Inc. (TSX:CVE) will announce its third-quarter results on November 2, 2022. The press release will detail consolidated operating and financial information for the quarter. Interested parties can access financial statements on Cenovus's website. A conference call is scheduled for 9 a.m. MT (11 a.m. ET) on the same day, with dial-in options provided for live listening, including a toll-free number for North America. The company focuses on safe and cost-efficient management of its energy assets in Canada and the Asia Pacific region.

Cenovus Energy announced its cash tender offers for up to $2.2 billion in Notes, with two pools: Pool 1, for $1.7 billion in various Notes due between 2025 and 2047, and Pool 2, for $500 million in Notes due between 2037 and 2039. The Early Tender Date was September 9, 2022, with the Early Settlement Date set for September 13, 2022. The company plans to accept Notes based on priority levels and proration factors, with significant demand exceeding available amounts. The offers will expire on September 23, 2022, unless extended.