Cenovus Energy Stock Price, News & Analysis

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.

Cenovus Energy Inc. has sold its gross overriding royalty in Marten Hills, Alberta, to Topaz Energy Corp. for $102 million. The sale closed on May 18, 2021, with a retroactive effective date of May 1, 2021. Cenovus plans to use the proceeds to reduce its net debt, aiming for a target of $10 billion. This transaction is part of a broader strategy to enhance shareholder value and improve the company's balance sheet. Cenovus retains a stake in Headwater Exploration Inc., benefiting from its potential upside.

Cenovus Energy Inc. (CVE) announced the successful election of all 12 nominees as Directors during its annual meeting on May 12, 2021. Notable votes include Keith M. Casey receiving 98.97% support and Jane E. Kinney with 99.16%. The board welcomes members from the former Husky Energy's Board, enhancing its knowledge of Husky's assets. The company thanks departing Board members for their contributions. Cenovus Energy, an integrated energy firm, operates in Canada and the Asia Pacific, focusing on cost-efficient management and ESG considerations.

Cenovus Energy reported strong financial results for Q1 2021, generating over $1.1 billion in adjusted funds flow. The company produced nearly 770,000 BOE/d following its acquisition of Husky Energy. Net earnings stood at $220 million, a significant recovery from a $1.8 billion loss in Q1 2020. Integration costs of $245 million were incurred, but Cenovus expects to achieve $1 billion in synergies this year. The company targets net debt reduction to $10 billion by year-end. A dividend of $0.0175 per share has been declared for Q2 2021.

Cenovus Energy (TSX: CVE, NYSE: CVE) is set to release its first quarter 2021 results on May 7, 2021. The announcement will include consolidated operating and financial information, accessible through its website. A conference call for the investment community will occur on the same day at 9 a.m. MT (11 a.m. ET) to discuss the results. Following this, the Annual Meeting of Shareholders will be held virtually on May 12, 2021 at 1 p.m. MT (3 p.m. ET), allowing investors to engage with company updates and strategies.

Cenovus Energy Inc. (CVE) announced the expiration and results of its consent solicitation for amendments to the pledge agreement related to its 6.80% Notes due 2037. The requisite consents have been obtained to conform the 2037 Notes Pledge Agreement with those of the 2029 and 2024 Notes. Cenovus will execute the amendment, which will not alter existing terms or impact the current credit ratings (Baa3 negative outlook and BBB- stable outlook). A consent payment of $1.00 per $1,000 principal amount will be disbursed to consenting holders.