Cenovus Energy Stock Price, News & Analysis

Cenovus Energy Inc. (TSX:CVE) is set to announce its 2021 third quarter results on November 3, 2021. This release will include consolidated operating and financial information. Investors can access the financial statements on the company's website on the same day. A conference call to discuss the results will take place at 9 a.m. MT (11 a.m. ET), with options to listen live via phone or a webcast.

Cenovus Energy Inc. (TSX: CVE) has announced a cash tender offer for up to $1,250,000,000 of its outstanding notes, including 3.800% Notes due 2023, 4.000% Notes due 2024, and 5.375% Notes due 2025. As of September 22, 2021, the tendered notes exceeded the maximum amount, leading to prorated acceptance for the 2025 Notes at about 44.7%. The tender offer will expire on October 6, 2021, and is subject to various conditions. J.P. Morgan, BofA Securities, and MUFG Securities are managing the tender. More details are in the Offer to Purchase.

Cenovus Energy has increased its cash tender offer for certain outstanding notes from $1 billion to $1.25 billion. This includes 3.800% Notes due 2023, 4.000% Notes due 2024, and 5.375% Notes due 2025, among others. Valid tenders by the early tender date exceeded the maximum purchase price, leading Cenovus to anticipate prorated acceptances for certain notes. Investors will receive an early tender payment of $30 per $1,000 of notes accepted, with settlement expected on September 24, 2021. The tender offer will expire on October 6, 2021, unless extended.

Cenovus Energy Inc. (TSX: CVE) announced plans to redeem its 3.950% notes due April 15, 2022, and 3.000% notes due August 15, 2022, on October 20, 2021. The company has issued redemption notices to trustees and will pay the registered holders the redemption price on the specified date. Non-registered holders should contact their respective financial institutions for inquiries. The announcement does not constitute a formal notice of redemption.

Investors are advised that actual results may differ from forward-looking statements due to various risks and uncertainties.

Cenovus Energy announced the expiration of its cash tender offer for two outstanding note series, the 3.950% Notes and 3.000% Notes, on September 15, 2021. A total of $252.644 million of 3.950% Notes and $294.017 million of 3.000% Notes were validly tendered. Holders of the accepted notes will receive $1,021.07 and $1,024.78 per $1,000 principal, respectively, plus accrued interest. The purchase will be funded through proceeds from a recent notes offering and cash on hand, with settlement expected on September 16, 2021.

Cenovus Energy announced the pricing terms for its cash tender offer for all outstanding 3.950% and 3.000% Notes due 2022, totaling $1 billion. The offer expires today, September 15, 2021, at 5:00 p.m. New York City time. Total considerations for each series are detailed in the release, with the 3.950% Notes priced at $1,021.07 and the 3.000% Notes at $1,024.78 per $1,000 principal amount. Holders must comply with tender procedures to receive payment. The announcement serves as informational and not an offer to sell securities.

Cenovus Energy has completed a public offering of US$1.25 billion in senior notes, consisting of US$500 million of 2.650% notes due 2032 and US$750 million of 3.750% notes due 2052. The funds will partially finance the repurchase of outstanding senior notes and reduce overall indebtedness, with a target to reach net debt of $10 billion within 2021. Cenovus aims for a long-term net debt goal of $8 billion or lower. The offering was conducted under Cenovus’s prospectus filed in Canada and the U.S.

Cenovus Energy has initiated cash tender offers for its outstanding notes, including a total of up to $1 billion for selected securities due between 2022 and 2029. The 'Any and All Tender Offer' will purchase all 3.950% and 3.000% Notes due 2022. The 'Maximum Tender Offer' allows up to $1 billion for various other notes including 3.800% Notes due 2023 and 4.400% Notes due 2029. Expiration dates for these offers range from September 15 to October 6, 2021. The company reserves the right to modify the terms of the offers at its discretion.

Cenovus Energy (CVE) announced a restructuring of its working interests in the Atlantic region's Terra Nova and White Rose projects. The agreements will boost Cenovus's stake in Terra Nova from 13% to 34%, while decreasing its interest in White Rose from 72.5% to 60%. Cenovus will receive $78 million from exiting partners for future asset retirement obligations. Production from Terra Nova is set to resume by the end of 2022, with an expected output of 29,000 barrels per day in 2023. The company aims to meet its $10 billion net debt target by year-end 2021.