Cenovus Energy Stock Price, News & Analysis

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.

On July 29, 2021, Cenovus Energy reported strong Q2 results, achieving cash from operating activities of $1.4 billion and free funds flow of $1.3 billion. The company reduced net debt by nearly $1 billion since March 31, 2021, now standing at $12.4 billion. Production averaged 765,900 BOE/d despite planned turnarounds. Cenovus aims for $1.2 billion in annual run-rate synergies and increased production guidance by 2% for 2021. The strong financial performance is attributed to higher commodity prices and operational efficiency.

Cenovus Energy Inc. (TSX:CVE) will announce its 2021 second quarter results on July 29, providing key operating and financial information. The results will be available on the company’s website. A conference call will take place at 9 a.m. MT (11 a.m. ET) for live discussions, accessible via toll-free numbers. Cenovus operates in oil and natural gas across Canada and the Asia Pacific, focusing on innovative and sustainable practices.

Cenovus Energy has signed a 15-year power purchase agreement (PPA) to acquire 150 megawatts of solar energy from a project in southern Alberta. This initiative aligns with the company's goals to reduce GHG emissions and support Indigenous reconciliation. The solar facility, developed in partnership with Cold Lake First Nations and Elemental Energy, is set to generate electricity by 2023, aiding Cenovus in its ambition to achieve net zero emissions by 2050. The project represents a significant advancement in renewable energy and economic engagement with local Indigenous communities.

Cenovus Energy Inc. released its 2020 environmental, social & governance (ESG) data report, marking a commitment to transparent disclosure post its merger with Husky Energy on January 1, 2021. The report highlights key ESG metrics and identifies five focus areas: climate & GHG emissions, water stewardship, biodiversity, Indigenous reconciliation, and inclusion & diversity. The company aims for net zero GHG emissions by 2050 and will publish a comprehensive ESG report in Q4 2021, aligned with sustainability frameworks.

The Oil Sands Pathways to Net Zero initiative was announced by Canadian Natural Resources, Cenovus Energy, Imperial, MEG Energy, and Suncor Energy, which collectively control about 90% of Canada’s oil sands production. This alliance aims for net zero greenhouse gas emissions from oil sands operations by 2050, aligning with Canada’s climate goals. A proposed carbon capture and storage system will facilitate emissions reductions. The initiative will require substantial investment and aims to create jobs while maintaining Canada's GDP contributions from oil sands, projected at $3 trillion over the next 30 years.