COST: 800 $MM
VOLUMES: 19.2 M Bbls/d
COST: 625 $MM
VOLUMES: 9.6
ACRES: 85050
COST: 1 $B
VOLUMES: 54 MBOE/d
COST: 975 $MM
VOLUMES: 19.6 MBOE/d
COST: 13.3 $B
VOLUMES: 280 MBOE/d
CALGARY, May 24, 2016 /PRNewswire/ - Harbir Chhina, Executive Vice-President, Oil Sands Development, will present at the UBS Global Oil and Gas Conference in Austin, Texas, on Wednesday, May 25, 2016 at 7:40 a.m. MT (8:40 a.m. CT).
The webcast link will be available via Cenovus's website, cenovus.com or via the following URL: https://cc.talkpoint.com/ubsx001/052316b_ae/?entity=10_NTGLL10
Cenovus Energy Inc.
Cenovus Energy Inc. is a Canadian integrated oil company. It is committed to applying fresh, progressive thinking to safely and responsibly unlock energy resources the world needs. Operations include oil sands projects in northern Alberta which use specialized methods to drill and pump the oil to the surface and established natural gas and oil production in Alberta and Saskatchewan. The company also has 50% ownership in two U.S. refineries. Cenovus shares trade under the symbol CVE and are listed on the Toronto and New York stock exchanges. The company's enterprise value is approximately $18 billion. For more information, visit cenovus.com.
Find Cenovus on Facebook, Twitter, LinkedIn, YouTube and Instagram.
SOURCE Cenovus Energy Inc.
CALGARY, April 27, 2016 /PRNewswire/ -Â Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) announced that at its annual meeting of shareholders held on April 27, 2016, each of the 11 nominees proposed as Directors and listed in its Management Information Circular dated March 4, 2016 were elected as Directors. The detailed results of the vote are set out below.
Nominee |
Votes for |
Votes withheld | ||
Number |
Percent |
Number |
Percent | |
Patrick D. Daniel |
577,252,024 |
96.34 |
21,929,460 |
3.66 |
Ian W. Delaney |
576,409,420 |
96.20 |
22,772,246 |
3.80 |
Brian C. Ferguson |
596,358,353 |
99.53 |
2,825,385 |
0.47 |
Michael A. Grandin |
594,074,706 |
99.15 |
5,106,733 |
0.85 |
Steven F. Leer |
596,295,883 |
99.52 |
2,885,833 |
0.48 |
Richard J. Marcogliese |
596,618,025 |
99.57 |
2,565,713 |
0.43 |
Valerie A.A. Nielsen |
595,952,538 |
99.46 |
3,228,901 |
0.54 |
Charles M. Rampacek |
595,222,921 |
99.34 |
3,958,745 |
0.66 |
Colin Taylor |
577,325,219 |
96.35 |
21,858,519 |
3.65 |
Wayne G. Thomson |
594,273,928 |
99.18 |
4,907,512 |
0.82 |
Rhonda I. Zygocki |
596,490,383 |
99.55 |
2,693,355 |
0.45 |
Â
Cenovus welcomes Richard J. Marcogliese and Rhonda I. Zygocki as new members of its Board of Directors. Mr. Marcogliese and Ms. Zygocki have each had long careers with large integrated oil and natural gas companies, giving them strong experience in the areas of resource development and production as well as refining. Mr. Marcogliese has been involved in the U.S. refining industry for more than 40 years, including more than 25 years with Exxon Mobil Corp. He is currently the Principal of iRefine LLC, a privately owned petroleum refining consulting company. He is also Executive Advisor of Pilko & Associates, a private chemical and energy advisory company. Ms. Zygocki spent 34 years with Chevron Corp. in a variety of senior management and executive leadership positions. She most recently served as Executive Vice-President, Policy and Planning at Chevron for four years until her retirement in February 2015. Currently, she is a senior advisor with the Centre for Strategic and International Studies, a research and policy development organization based in Washington, D.C.
Cenovus would like to extend its sincere thanks and best wishes to Ralph Cunningham who has retired from the Board of Directors after serving as a Director since Cenovus's inception in 2009.
Cenovus Energy Inc.
Cenovus Energy Inc. is a Canadian integrated oil company. It is committed to applying fresh, progressive thinking to safely and responsibly unlock energy resources the world needs. Operations include oil sands projects in northern Alberta which use specialized methods to drill and pump the oil to the surface and established natural gas and oil production in Alberta and Saskatchewan. The company also has 50% ownership in two U.S. refineries. Cenovus shares trade under the symbol CVE and are listed on the Toronto and New York stock exchanges. The company's enterprise value is approximately $18 billion. For more information, visit cenovus.com.
Find Cenovus on Facebook, Twitter, LinkedIn, YouTube and Instagram.
SOURCE Cenovus Energy Inc.
Company's 2016 cost-reduction initiatives on target
CALGARY, April 27, 2016 /PRNewswire/ - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) is on track to achieve its previously announced target of reducing planned capital, operating and general and administrative (G&A) spending by up to $500 million compared with its original 2016 budget. Building on the significant cost reductions achieved in 2015, these additional spending cuts are expected to help the company remain financially resilient through this prolonged period of challenging market conditions.
"We continue to make significant structural improvements in our organization," said Brian Ferguson, Cenovus President & Chief Executive Officer. "I believe these changes will make us a cost and efficiency leader so we can drive sustainable value for our shareholders in a volatile price environment. We also remain clearly focused on the safety and reliability of our operations."
Key developments
Production & financial summary | |||||
(for the period ended March 31) Production (before royalties) |
2016 |
2015 |
% change | ||
Oil sands (bbls/d) |
137,975 |
144,372 |
-4 | ||
Conventional oil1 (bbls/d) |
59,576 |
73,648 |
-19 | ||
Total oil (bbls/d) |
197,551 |
218,020 |
-9 | ||
Natural gas (MMcf/d) |
408 |
462 |
-12 | ||
Financial ($ millions, except per share amounts) |
|||||
Cash flow2 |
26 |
495 |
-95 | ||
Per share diluted |
0.03 |
0.64 |
|||
Operating earnings/loss2 |
-423 |
-88 |
|||
Per share diluted |
-0.51 |
-0.11 |
|||
Net earnings/loss |
-118 |
-668 |
|||
Per share diluted |
-0.14 |
-0.86 |
|||
Capital investment |
323 |
529 |
-39 | ||
1 Includes natural gas liquids (NGLs). | |||||
2 Cash flow and operating earnings/loss are non-GAAP measures as defined in the Advisory. |
Overview
As a result of the decisive steps taken since the downturn in oil prices began more than a year and a half ago, Cenovus has been able to preserve its financial resilience even as crude oil and natural gas prices reached multi-year lows in the first quarter of this year. The company continues to focus on safe and reliable operations while executing on all aspects of its business that are within its control, including delivering strong operational performance at its two oil sands facilities.
Cost reductions update
In line with its February guidance, Cenovus has reduced planned 2016 capital spending to $1.2 billion, down $300 million from its original budget for the year, and the company remains on track to lower its operating and G&A expenses by $200 million.
"The cost reductions we've achieved to date and the company's continued focus on increased efficiency have put us in a strong financial position," said Ferguson. "We expect to be able to execute on our planned capital program, maintain a strong balance sheet and fund our current dividend, even with Brent crude prices in the US$40 per barrel range through the end of 2017."
Cost reductions over the last year and a half have been achieved as a result of improvements that include more efficient drilling and well completions, better prioritization of repair and maintenance activities and reduced supplier rates, including lower chemical costs.
In the first quarter of 2016, oil sands operating costs were down $1.47/bbl or 13% to $9.52/bbl compared with the same period in 2015. This included a 13% decrease in non-fuel operating costs to $7.33/bbl.
Company wide, operating and G&A costs also improved year-over-year, partly as a result of Cenovus's efforts to realign the size of its workforce to match the company's more moderate approach to spending and growth. Previously announced workforce reductions for 2016 of 440 staff are now largely complete, leaving Cenovus with approximately 31% fewer staff than it had at the end of 2014. As a result of a thorough review of employee compensation and benefit programs, the company has decided to adjust annual allowances and change some benefits to align with current industry conditions. For Cenovus's President & Chief Executive Officer as well as the company's four other highest paid executives, cash bonus compensation for 2015 was reduced and annual base salaries have remained unchanged for the last three years. Total combined compensation for these executives was approximately 15% lower in 2015 than it was in 2013. The company will continue monitoring its compensation structure and make adjustments as appropriate. Cenovus remains committed to retaining and attracting high-calibre staff through competitive compensation that is aligned with shareholder interests.
"This has been a challenging time for Cenovus, particularly when it comes to the difficult but necessary workforce reductions we've had to make in response to industry conditions and our more moderate pace of growth," said Ferguson. "Thanks to the efforts of everyone in the company, we're on track to achieve the substantial and sustainable cost reductions we need to help us remain globally competitive, particularly with the U.S. light tight oil sector."
The full benefit of the cost-reduction initiatives Cenovus has undertaken in 2015 and so far in 2016 is expected to become increasingly evident throughout the remainder of this year. In addition, the company continues to seek opportunities across its business to further reduce capital and operating costs. For example, Cenovus is already realizing cost reductions greater than originally expected from the implementation of smaller, more efficient well pad designs. This new approach to pad construction is expected to deliver significant incremental savings over the long term.
Financial performance and resilience
While Cenovus had strong operational performance in the first quarter, its financial results were significantly impacted by continued commodity price weakness. Financial performance was also affected by factors that are not expected to persist through the rest of the year. For example, refining profitability tends to be seasonally weak in the first quarter and a recovery in crack spreads is anticipated through the second and third quarters. The timing of condensate inventory drawdowns in a falling oil price environment, combined with typically higher blend ratios during the winter months, also had a significant negative impact on realized heavy oil pricing in the first quarter. These factors are expected to improve in a rising price environment as Cenovus draws lower-priced condensate from inventory and blends it into its oil. As a result, Cenovus believes that its first quarter financial performance is not indicative of the company's potential performance for the remainder of 2016.
The year-over-year decline in West Texas Intermediate (WTI), Western Canadian Select (WCS) and AECO natural gas prices of 31%, 43%, and 28%, respectively, contributed to a 74% decrease in first quarter 2016 operating cash flow to $144 million. Upstream operating cash flow was down by 63% to $167 million. During the quarter, the company also recorded an asset impairment associated with its northern Alberta conventional oil assets of $170 million due to the decline in forward crude oil and natural gas prices. In a recovering oil price environment, Cenovus expects cash flow to increase approximately $625 million for every US$10/bbl improvement in WTI prices. Â
The company's refining and marketing operations had an operating cash flow loss of $23 million during the first quarter of 2016 compared with operating cash flow of $95 million in the same period a year ago. This was primarily due to a 41% decline in market crack spreads driven by seasonal weakness, high storage levels for refined product and the narrowing of the Brent-WTI price differential compared with the same period a year ago.
Cenovus ended the first quarter of 2016 with cash and cash equivalents of approximately $3.9 billion. Including cash on hand and $4 billion in undrawn capacity under its committed credit facility, the company has nearly $8 billion in liquidity available, with no debt maturing until the fourth quarter of 2019. At the end of the first quarter of 2016, the company's net debt to capitalization ratio was 16% compared with 27% in the same period a year earlier, and its net debt to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was 1.3 times, the same as in the first quarter of 2015.
The company recently secured an extension of the $1 billion tranche of its committed credit facility, extending the maturity date to April 2019 from November 2017. The $3 billion tranche of Cenovus's committed credit facility remains unchanged, with a November 2019 maturity date.
Cenovus continues to hold investment-grade credit ratings from two of the three agencies that rate the company. Standard & Poor's recently reaffirmed Cenovus's investment-grade rating at BBB with a stable outlook, while DBRS has Cenovus rated at BBB (high) with a negative trend. In the first quarter, Moody's downgraded Cenovus's credit rating below investment grade to Ba2 as part of a broad energy industry review prompted by a negative revision to Moody's long-term outlook for oil prices.
"Moody's has issued a number of downgrades across our industry," said Ivor Ruste, Cenovus Executive Vice-President & Chief Financial Officer. "Due to the decisive steps we've taken over the last year and a half to strengthen our balance sheet and increase liquidity, this has had no material impact on our financial resilience or operations. We remain committed to disciplined capital spending and to further reducing our operating and administrative costs."
Oil production
Production from Cenovus's oil sands and conventional oil operations was in line with the company's expectations during the first quarter. The Foster Creek and Christina Lake oil sands projects continue to perform well, with production on track to be within Cenovus's guidance range for 2016.
At Foster Creek, volumes have been trending higher since early March after declining 10% overall during the first quarter compared with the same period a year earlier. The first quarter decrease, which was anticipated, was largely due to decisions made in 2015 to conserve cash by delaying spending on new sustaining well pads and repairs and maintenance. As previously announced, the company is now increasing maintenance activities, bringing wells that were down for servicing back online, and has begun to start up new well pads which have added incremental production as of this March. Cenovus anticipates production at Foster Creek to average between 60,000 bbls/d and 65,000 bbls/d net in the first half of 2016 and between 65,000 bbls/d and 70,000 bbls/d net in the second half of the year, exiting 2016 above 70,000 bbls/d net, in line with the company's February guidance.
At Christina Lake, first quarter production increased by 1% compared with the same period in 2015. The recently completed Christina Lake optimization project added incremental production during the first quarter. In addition, the Christina Lake phase F and Foster Creek phase G expansions are largely complete, with plant commissioning and steam circulation expected to commence over the next few months and first oil anticipated in the third quarter of 2016. Together, these two expansion projects, plus the Christina Lake optimization, are expected to add approximately 100,000 bbls/d of incremental gross production capacity (50,000 bbls/d net).
First quarter details
Oil sands
Christina Lake
Foster Creek
Conventional oil
Natural gas
Downstream
Financial
Dividend
The Board of Directors has declared a second quarter dividend of $0.05 per share, payable on June 30, 2016 to common shareholders of record as of June 15, 2016. Based on the April 26, 2016 closing share price on the Toronto Stock Exchange of $18.87, this represents an annualized yield of about 1.1%. Declaration of dividends is at the sole discretion of the Board and will continue to be evaluated on a quarterly basis.
Corporate and financial information
Commodity price hedging
Conference Call Today |
 Cenovus will host a conference call today, April 27, 2016, starting at 9 a.m. MT (11 a.m. ET). To participate, please dial 888-231-8191 (toll-free in North America) or 647-427-7450 approximately 10 minutes prior to the conference call. A live audio webcast of the conference call will also be available via cenovus.com. The webcast will be archived for approximately 90 days. |
ADVISORY
FINANCIAL INFORMATION
Basis of Presentation
Cenovus reports financial results in Canadian dollars and presents production volumes on a net to Cenovus before royalties basis, unless otherwise stated. Cenovus prepares its financial statements in accordance with International Financial Reporting Standards (IFRS).
Non-GAAP Measures
This news release contains references to non-GAAP measures as follows:
These measures do not have a standardized meaning as prescribed by IFRS and therefore are considered non-GAAP measures. These measures may not be comparable to similar measures presented by other issuers. These measures have been described and presented in this news release in order to provide shareholders and potential investors with additional information regarding Cenovus's liquidity and its ability to generate funds to finance its operations. This information should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. For further information, refer to Cenovus's most recent Management's Discussion and Analysis (MD&A) available at cenovus.com.
Netbacks reported in this news release are calculated as set out in the Annual Information Form (AIF). Heavy oil prices and transportation and blending costs exclude the costs of purchased condensate, which is blended with heavy oil. For the first quarter 2016, the cost of condensate on a per barrel of unblended crude oil basis was as follows: Christina Lake - $26.45 and Foster Creek - $26.13.
FORWARD-LOOKING INFORMATION
This document contains certain forward-looking statements and other information (collectively "forward-looking information") about Cenovus's current expectations, estimates and projections, made in light of the company's experience and perception of historical trends. Forward-looking information in this document is identified by words such as "aim", "anticipate", "believe", "expect", "estimate", "plan", "forecast" or "F", "future", "target", "guidance", "budget", "position", "priority", "project", "capacity", "could", "should", "focus", "potential", "may", "strategy", "forward", "opportunity", "on track" or similar expressions and includes suggestions of future outcomes, including statements about: measures planned to help maintain the company's financial resilience; projections contained in the company's 2016 guidance; forecast operating and financial results; the strength of the company's financial position; projected shareholder value; commodity prices; planned capital expenditures and reductions; expectations regarding improving cost structures, process optimization, and forecast cost reductions, including the expected benefits of and sustainability thereof; expected timelines for achievement of cost reductions and status with respect to such timelines; expected future production, including the timing, stability or growth thereof; expected differences in the company's potential performance for the remainder of 2016 relative to the first quarter; expected correlation of cash flow to WTI price improvement; development strategy and related schedules; project capacities; targets and expectations with respect to the company's net debt to capitalization, net debt to adjusted EBITDA, debt to capitalization and debt to adjusted EBITDA ratios; the company's position to mitigate the impact of swings in the Canadian light-heavy oil price differential; and the company's financial resilience generally. Readers are cautioned not to place undue reliance on forward-looking information as the company's actual results may differ materially from those expressed or implied.
Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward-looking information is based include: assumptions inherent in Cenovus's 2016 guidance, available at cenovus.com; projected capital investment levels, the flexibility of capital spending plans and the associated source of funding; the achievement of further cost reductions and sustainability thereof; expected condensate prices; estimates of quantities of oil, bitumen, natural gas and liquids from properties and other sources not currently classified as proved; the company's ability to obtain necessary regulatory and partner approvals; the successful and timely implementation of capital projects or stages thereof; the company's ability to generate sufficient cash flow to meet its current and future obligations; and other risks and uncertainties described from time to time in the filings Cenovus makes with securities regulatory authorities.
2016 guidance (as updated on February 11, 2016), available at cenovus.com, assumes: Brent of US$52.75/bbl, WTI of US$49.00/bbl; WCS of US$34.50/bbl; NYMEX of US$2.50/MMBtu; AECO of $2.50/GJ; Chicago 3-2-1 crack spread of US$12.00/bbl; and an exchange rate of $0.75 US$/C$.
The risk factors and uncertainties that could cause Cenovus's actual results to differ materially, include: volatility of and assumptions regarding oil and natural gas prices; the effectiveness of the company's risk management program, including the impact of derivative financial instruments, the success of the company's hedging strategies and the sufficiency of its liquidity position; the accuracy of cost estimates; commodity prices, currency and interest rates; product supply and demand; market competition, including from alternative energy sources; risks inherent in the company's marketing operations, including credit risks; exposure to counterparties and partners, including ability and willingness of such parties to satisfy contractual obligations in a timely manner; risks inherent in operation of Cenovus's crude-by-rail terminal, including health, safety and environmental risks; maintaining desirable ratios of debt to adjusted EBITDA and net debt to adjusted EBITDA as well as debt to capitalization and net debt to capitalization; Cenovus's ability to access various sources of debt and equity capital, generally, and on terms acceptable to Cenovus; ability to finance growth and sustaining capital expenditures; changes in credit ratings applicable to Cenovus or any of its securities; changes to dividend plans or strategy, including the dividend reinvestment plan; accuracy of reserves, resources and future production estimates; ability to replace and expand oil and gas reserves; the company's ability to maintain relationships with partners and to successfully manage and operate the company's integrated business; reliability of assets, including in order to meet production targets; potential disruption or unexpected technical difficulties in developing new products and manufacturing processes; the occurrence of unexpected events such as fires, severe weather conditions, explosions, blow-outs, equipment failures, transportation incidents and other accidents or similar events; refining and marketing margins; inflationary pressures on operating costs, including labour, natural gas and other energy sources used in oil sands processes; potential failure of products to achieve acceptance in the market; risks associated with the fossil fuel industry reputation; unexpected cost increases or technical difficulties in constructing or modifying manufacturing or refining facilities; unexpected difficulties in producing, transporting or refining of crude oil into petroleum and chemical products; risks associated with technology and its application to Cenovus's business; risks associated with climate change; the timing and costs of well and pipeline construction; ability to secure adequate product transportation, including sufficient pipeline, crude-by-rail, marine or other alternate transportation, including to address any gaps caused by constraints in the pipeline system; availability of, and Cenovus's ability to attract and retain, critical talent; changes in the company's labour relationships; changes in the regulatory framework in any of the locations in which Cenovus operates, including changes to the regulatory approval process and land-use designations, royalty, tax, environmental, greenhouse gas, carbon and other laws or regulations, or changes to the interpretation of such laws and regulations, as adopted or proposed, the impact thereof and the costs associated with compliance; the expected impact and timing of various accounting pronouncements, rule changes and standards on Cenovus's business, its financial results and its consolidated financial statements; changes in the general economic, market and business conditions; the political and economic conditions in the countries in which Cenovus operates; the occurrence of unexpected events such as war, terrorist threats and the instability resulting therefrom; and risks associated with existing and potential future lawsuits and regulatory actions against the company.
Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. For a full discussion of Cenovus's material risk factors, see "Risk Factors" in the company's AIF or Form 40-F for the period ended December 31, 2015, and "Risk Management" in the Management's Discussion and Analysis for the three months ended March 31, 2016, all of which are available on SEDAR at sedar.com, EDGAR at sec.gov and on Cenovus's website at cenovus.com.
TM denotes a trademark of Cenovus Energy Inc.
Cenovus Energy Inc.
Cenovus Energy Inc. is a Canadian integrated oil company. It is committed to applying fresh, progressive thinking to safely and responsibly unlock energy resources the world needs. Operations include oil sands projects in northern Alberta, which use specialized methods to drill and pump the oil to the surface, and established natural gas and oil production in Alberta and Saskatchewan. The company also has 50% ownership in two U.S. refineries. Cenovus shares trade under the symbol CVE, and are listed on the Toronto and New York stock exchanges. Its enterprise value is approximately $18 billion. For more information, visit cenovus.com.
Find Cenovus on Facebook, Twitter, LinkedIn, YouTube and Instagram.
SOURCE Cenovus Energy Inc.
Annual meeting of shareholders to take place in Calgary
CALGARY, April 20, 2016 /PRNewswire/ - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) will release its first quarter 2016 results on Wednesday, April 27, 2016. The news release will provide consolidated first quarter 2016 operating and financial information. Financial statements will be available on the company's website, cenovus.com.
A conference call and webcast to discuss the results will be held for the investment community at 9 a.m. MT (11 a.m. ET). To participate, please dial 888-231-8191 (toll-free in North America) or 647-427-7450 approximately 10 minutes prior to the conference call.
The webcast link will be available via Cenovus's website, cenovus.com or via the following
URL: http://event.on24.com/r.htm?e=1157831&s=1&k=D6E5C8FAF4FEF60A9CBB5534C69A90B9
Cenovus's annual meeting of shareholders will be held the same day at The Westin Calgary, Grand Ballroom, 320 – 4th Avenue S.W. at 2 p.m. The webcast link and presentation slides will be available via Cenovus's website, cenovus.com.
Cenovus Energy Inc.
Cenovus Energy Inc. is a Canadian integrated oil company. It is committed to applying fresh, progressive thinking to safely and responsibly unlock energy resources the world needs. Operations include oil sands projects in northern Alberta which use specialized methods to drill and pump the oil to the surface and established natural gas and oil production in Alberta and Saskatchewan. The company also has 50% ownership in two U.S. refineries. Cenovus shares trade under the symbol CVE and are listed on the Toronto and New York stock exchanges. The company's enterprise value is approximately $17 billion. For more information, visit cenovus.com.
Find Cenovus on Facebook, Twitter, LinkedIn, YouTube and Instagram.
SOURCE Cenovus Energy Inc.
CALGARY, Feb. 23, 2016 /PRNewswire/ - Robert Pease, Executive Vice-President, Corporate Strategy & President, Downstream, will present at the Credit Suisse 21st Annual Energy Summit in Vail, Colorado on Wednesday, February 24, 2016 at 12:45 p.m. MT (2:45 p.m. ET).
The webcast link will be available via Cenovus's website, cenovus.com or via the following URL: https://cc.talkpoint.com/cred001/022216a_ae/?entity=19_NTIBKKJ
Cenovus Energy Inc.
Cenovus Energy Inc. is a Canadian integrated oil company. It is committed to applying fresh, progressive thinking to safely and responsibly unlock energy resources the world needs. Operations include oil sands projects in northern Alberta which use specialized methods to drill and pump the oil to the surface and established natural gas and oil production in Alberta and Saskatchewan. The company also has 50% ownership in two U.S. refineries. Cenovus shares trade under the symbol CVE and are listed on the Toronto and New York stock exchanges. The company's enterprise value is approximately $15 billion. For more information, visit cenovus.com.
Find Cenovus on Facebook, Twitter, LinkedIn, YouTube and Instagram.
SOURCE Cenovus Energy Inc.
CALGARY, Feb. 11, 2016 /PRNewswire/ - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today filed its audited Consolidated Financial Statements for the year ended December 31, 2015, as well as related Management's Discussion and Analysis, with Canadian securities regulatory authorities. Cenovus has also filed its Annual Information Form for the year ended December 31, 2015, which includes disclosure relating to reserves data and other oil and gas information. In addition, the company has filed its Statement of Contingent and Prospective Resources as at December 31, 2015, which includes information relating to bitumen best estimate economic contingent resources and bitumen prospective resources. Cenovus has also filed its Annual Report on Form 40-F for the year ended December 31, 2015 with the U.S. Securities and Exchange Commission. Copies of these documents may be obtained via sedar.com, sec.gov (for the Form 40-F), cenovus.com under Investors or by email at investor.relations@cenovus.com.
Cenovus Energy Inc.
Cenovus Energy Inc. is a Canadian integrated oil company. It is committed to applying fresh, progressive thinking to safely and responsibly unlock energy resources the world needs. Operations include oil sands projects in northern Alberta, which use specialized methods to drill and pump the oil to the surface, and established natural gas and oil production in Alberta and Saskatchewan. The company also has 50% ownership in two U.S. refineries. Cenovus shares trade under the symbol CVE, and are listed on the Toronto and New York stock exchanges. Its enterprise value is approximately $14 billion. For more information, visit cenovus.com.
Find Cenovus on Facebook, Twitter, LinkedIn, YouTube and Instagram.
SOURCE Cenovus Energy Inc.
Additional budget reductions planned to preserve financial resilience
CALGARY, Feb. 11, 2016 /PRNewswire/ - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) achieved significant sustainable cost savings across its business in 2015 and further strengthened what is now one of the best balance sheets in the North American exploration and production sector. The company is planning additional measures in 2016 to help it remain financially resilient through another year of expected low crude oil and natural gas prices. These measures include reducing 2016 capital, operating and general and administrative (G&A) spending by another $400 million to $500 million.
Planned 2016 measures to maintain financial resilience
Key 2015 developments
 2015 production & financial summary | ||||||||
(for the period ended December 31) |
2015 Q4 |
2014 Q4 |
% change |
2015 Full Year |
2014 Full Year |
% change | ||
Production (before royalties) | ||||||||
Oil sands (bbls/d) |
139,413 |
142,213 |
-2 |
140,320 |
128,195 |
9 | ||
Conventional oil1 (bbls/d) |
60,143 |
73,964 |
-19 |
66,627 |
75,298 |
-12 | ||
Total oil (bbls/d) |
199,556 |
216,177 |
-8 |
206,947 |
203,493 |
2 | ||
Natural gas (MMcf/d) |
424 |
479 |
-11 |
441 |
488 |
-10 | ||
Financial ($ millions, except per share amounts) |
||||||||
Cash flow2 |
275 |
401 |
-31 |
1,691 |
3,479 |
-51 | ||
Per share diluted |
0.33 |
0.53 |
2.07 |
4.59 |
||||
Operating earnings2 |
-438 |
-590 |
-403 |
633 |
-164 | |||
Per share diluted |
-0.53 |
-0.78 |
-0.49 |
0.84 |
||||
Net earnings |
-641 |
-472 |
618 |
744 |
-17 | |||
Per share diluted |
-0.77 |
-0.62 |
0.75 |
0.98 |
||||
Capital investment |
428 |
786 |
-46 |
1,714 |
3,051 |
-44 |
1 |
 Includes natural gas liquids (NGLs). |
2 |
 Cash flow and operating earnings are non-GAAP measures as defined in the Advisory.       |
In 2015, Cenovus took a number of decisive steps to improve its financial resilience and further reinforce its balance sheet. These measures have left the company in a strong position to face what it believes will be another challenging year for the energy sector with continued volatility and low commodity prices.
"By focusing on the aspects of our business that are within our control, we ended 2015 in an even stronger competitive position than we started it," said Brian Ferguson, Cenovus President & Chief Executive Officer. "We must remain focused on maintaining our financial resilience through 2016 and beyond, ensuring that we don't compromise the balance sheet strength we've worked so hard to achieve, so that we are well placed to maximize shareholder value when commodity prices improve."
Maintaining financial resilience
To help maintain its financial position for the year ahead, Cenovus is taking a number of additional steps. These include reducing planned capital spending by $200 million to $300 million compared with the company's original 2016 budget released in December. Cenovus now plans to spend between $1.2 billion and $1.3 billion, 27% less than in 2015 and 59% below 2014 levels. The company is also targeting additional operating and G&A cost savings of $200 million in 2016 to match expected activity levels.
Planned capital budget reductions for 2016 include lower spending at Cenovus's Foster Creek and Christina Lake oil sands operations, its emerging oil sands assets and the company's conventional oil business. The planned capital spending reductions are expected to have minimal impact on the company's oilsands production for 2016, which is forecast to remain within guidance, at between 144,000 barrels per day (bbls/d) net and 157,000 bbls/d net. Cenovus plans to continue focused investment in technology development to help drive potential cost efficiencies and improvements in environmental performance.
Cenovus has identified further opportunities to reduce operating and G&A expenses by prioritizing repairs and maintenance and cancelling or deferring non-essential work, including the deferral of a scheduled turnaround at Foster Creek until 2017. The company plans to continue optimizing its processes to help realize greater efficiencies and is working with its suppliers and service providers to find additional opportunities to reduce costs and increase productivity.
In 2016, Cenovus also plans to further reduce its workforce and adjust its discretionary spending and compensation programs while continuing to focus on retaining the core capabilities and expertise needed to execute on its business plan. The company is undertaking a thorough evaluation of all its staffing costs to align total compensation with the current business environment. This includes reassessing benefits, allowances and contractor rates. Cash compensation for Cenovus's President & Chief Executive Officer as well as the company's four other highest paid executives was reduced in 2015 and will be reduced further in 2016. These workforce measures are expected to account for approximately 40% of the planned $200 million in 2016 operating and G&A cost savings.
Dividend update
To help preserve Cenovus's financial resilience during this prolonged period of low oil prices, the company is reducing its dividend by 69% from the fourth quarter of 2015. For the first quarter of 2016, the Board of Directors has declared a dividend of $0.05 per share, payable on March 31, 2016 to common shareholders of record as of March 15, 2016. Based on the February 10, 2016 closing share price on the Toronto Stock Exchange of $13.52, this represents an annualized yield of about 1.5%. Declaration of dividends is at the sole discretion of the Board and will continue to be evaluated on a quarterly basis.
"Capital discipline and balance sheet strength will remain our top priorities in this extremely challenging oil price environment," said Ferguson. "We now have some of the fiscal and regulatory clarity at the provincial level necessary to make decisions about future growth. However, we still require additional certainty around federal fiscal and regulatory regimes and sustained cost reductions at our operations before committing to restart deferred projects."
Guidance update
As a result of its planned capital, operating and G&A cost reductions for 2016, Cenovus has updated its guidance for the year. The revised guidance is available at cenovus.com under "Investors."
2015 overview
Cenovus had a strong operational year in 2015, increasing its oil sands production by 9% and growing its proved reserves by 7% compared with 2014. At the same time, the company achieved its best-ever safety performance with a total recordable injury frequency (TRIF) of 0.39, a 40% improvement from the previous year.
Balance sheet strengthÂ
With the proceeds from the sale of its royalty and fee land business in July and a bought-deal common share issuance in March, the company finished 2015 with cash and cash equivalents on its balance sheet of $4.1 billion. Including the cash on hand and $4 billion in undrawn capacity under its committed credit facility, Cenovus has approximately $8 billion in liquidity available today, with no debt maturing until the fourth quarter of 2019. At the end of 2015, the company's net debt to capitalization ratio was 16% and its net debt to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was 1.2 times.
In 2015, Cenovus realized substantial reductions of approximately $540 million in capital, operating and G&A costs. These cost savings were more than twice the $200 million in annual savings the company had originally targeted at the beginning of 2015. Of Cenovus's 2015 savings, approximately 60% came from operating and G&A cost improvements, while the remaining 40% came from capital cost reductions, primarily due to greater capital efficiency.
Cenovus anticipates approximately 60% of its 2015 cost savings will be sustainable over the long term. The cost reductions included savings related to improved drilling efficiency, optimized scheduling and prioritization of repair and maintenance activities as well as reduced chemical costs and better oil sands waste disposal and handling processes. About one-quarter of Cenovus's 2015 cost savings were the result of work that has been deferred. Â
Oil sands growth
Cenovus increased production from its Foster Creek and Christina Lake oil sands projects by 9% in 2015 while significantly reducing per-unit operating costs compared with the previous year. Lower operating costs were the result of decreased natural gas prices, an increase in production volumes and a decrease in facility and well maintenance expenses. Oil sands operating costs declined $3.37/bbl or 25% to $10.13/bbl in 2015. This included a 19% decrease in non-fuel operating costs to $7.66/bbl.
The year-over-year production increase was largely due to the ramp-up of new wells associated with phase F at Foster Creek as well as improved facility performance and the ramp-up of additional sustaining wells at Christina Lake.
With the new production capacity that's recently come on stream and more nearing completion, Cenovus believes it is well positioned for when commodity prices recover. The recently completed Christina Lake optimization project is expected to ramp up through 2016. Cenovus is now concentrating on delivering its two oil sands expansion projects that are almost complete. The Foster Creek phase G and Christina Lake phase F expansions are on track with first oil from both projects anticipated in the third quarter of 2016. Together, these two expansion projects, plus the Christina Lake optimization, are expected to add approximately 100,000 bbls/d of incremental gross production capacity (50,000 bbls/d net), an increase of about 35% to Cenovus's current oil sands production capacity.
Financial results
In 2015, the significant decrease in average benchmark commodity prices compared with 2014 resulted in a 50% decrease in Cenovus's average crude oil sales price and a 33% decline in its average natural gas sales price. This contributed to a more than 40% decrease in the company's 2015 operating cash flow to $2.4 billion. Upstream operating cash flow was down by nearly 50% to $2.1 billion.
Operating cash flow from refining and marketing grew by almost 80% to $385 million in 2015, primarily due to improved margins on the sale of secondary products such as coke and asphalt, the weakening of the Canadian dollar relative to the U.S. dollar and an increase in average market crack spreads. This was partially offset by higher heavy crude oil feedstock costs relative to the West Texas Intermediate (WTI) benchmark price and higher reported operating costs as a result of exchange rate fluctuation. Â
Leadership appointments
Cenovus is pleased to announce the hiring of Kieron McFadyen, who will be joining the company as Executive Vice-President & President, Upstream Oil & Gas on April 6. He will be responsible for all of Cenovus's oil sands and conventional operations. McFadyen most recently held a senior position with a major international integrated oil and gas company. A mechanical engineer by training, he has acquired an impressive breadth of experience in a number of countries and in a variety of roles over his 30-year career.
"We are delighted that Kieron will be joining us," said Ferguson. "He has a strong technical and operational background, a noteworthy track record of value creation, change leadership and stakeholder management, and will be an excellent addition to the Cenovus Leadership Team."
2015 and fourth quarter details
Oil sands
Christina Lake
Foster Creek
Conventional oil
Natural gas
Downstream
Financial
Corporate and financial information
Commodity price hedging
Reserves and resources
All of Cenovus's reserves and resources are evaluated each year by independent qualified reserves evaluators (IQREs).
Recognitions
Conference Call Today |
Cenovus will host a conference call today, February 11, 2016, starting at 9 a.m. MT (11 a.m. ET). To participate, please dial 888-231-8191 (toll-free in North America) or 647-427-7450 approximately 10 minutes prior to the conference call. A live audio webcast of the conference call will also be available via cenovus.com. The webcast will be archived for approximately 90 days. |
ADVISORY
FINANCIAL INFORMATION
Basis of Presentation
Cenovus reports financial results in Canadian dollars and presents production volumes on a net to Cenovus before royalties basis, unless otherwise stated. Cenovus prepares its financial statements in accordance with International Financial Reporting Standards (IFRS).
Reclassification of Employee Stock-Based Compensation Costs
Employee stock-based compensation costs previously included in operating expense have been reclassified to G&A expense to conform to the presentation adopted for the year ended December 31, 2015. As a result, for the years ended December 31, 2014 and 2013, expenses of $21 million and $16 million, respectively, were reclassified. For further information, refer to Cenovus's 2015 annual Consolidated Financial Statements and Management's Discussion and Analysis (MD&A).
Non-GAAP Measures
This news release contains references to non-GAAP measures as follows:
These measures do not have a standardized meaning as prescribed by IFRS and therefore are considered non-GAAP measures. These measures may not be comparable to similar measures presented by other issuers. These measures have been described and presented in this news release in order to provide shareholders and potential investors with additional information regarding Cenovus's liquidity and its ability to generate funds to finance its operations. This information should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. For further information, refer to Cenovus's most recent Management's Discussion and Analysis (MD&A) available at cenovus.com.
OIL AND GAS INFORMATION
The estimates of reserves and resources data and related information were prepared effective December 31, 2015 by independent qualified reserves evaluators ("IQREs"), based on the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook") and in compliance with the requirements of National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. Estimates are presented using McDaniel & Associates Consultants Ltd. ("McDaniel") January 1, 2016 price forecast.
Resources Information
Best estimate is considered to be the best estimate of the quantity of resources that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. Those resources that fall within the best estimate have a 50% probability that the actual quantities recovered will equal or exceed the estimate. Contingent resources are those quantities of bitumen estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include such factors as economic, legal, environmental, political and regulatory matters or a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage. Contingent resources are further classified in accordance with the level of certainty associated with the estimates and may be sub-classified based on project maturity and/or characterized by their economic status. The McDaniel estimates of contingent resources have not been adjusted for risk based on the chance of development. There is uncertainty that it will be commercially viable to produce any portion of the contingent resources.
Economic contingent resources are those contingent resources that are currently economically recoverable based on specific forecasts of commodity prices and costs. Economic contingent resources are estimated using volumetric calculations of the in-place quantities, combined with performance from analog reservoirs. Existing SAGD projects that are producing from the McMurray-Wabiskaw formations are used as performance analogs at Foster Creek and Christina Lake. Other regional analogs are used for contingent resources estimation in the Cretaceous Grand Rapids formation at the Grand Rapids property in the Greater Pelican region, in the McMurray formation at the Telephone Lake property in the Borealis region and in the Clearwater formation in the Foster Creek region.
Contingencies which must be overcome to enable the reclassification of contingent resources as reserves can be categorized as economic, non-technical and technical. The COGE Handbook identifies non-technical contingencies as legal, environmental, political and regulatory matters or a lack of markets. Technical contingencies include available infrastructure and project justification. The outstanding contingencies applicable to our disclosed economic contingent resources do not include economic contingencies.
Our bitumen contingent resources are located in four general regions: Foster Creek, Christina Lake, Borealis and Greater Pelican. Further information with respect to contingent resources including project descriptions, significant factors relevant to the resource estimates, and contingencies which prevent the classification of contingent resources as reserves is contained in our supplemental Statement of Contingent and Prospective Resources for the year ended December 31, 2015, which is available on SEDAR at sedar.com and the company's website at cenovus.com.
Barrels of Oil Equivalent
Certain natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six Mcf to one bbl. BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead.
Netbacks reported in this news release are calculated as set out in the AIF. Heavy oil prices and transportation and blending costs exclude the costs of purchased condensate, which is blended with heavy oil. For 2015, the cost of condensate on a per barrel of unblended crude oil basis was as follows: Christina Lake - $27.39 and Foster Creek - $25.96.
Finding and Development Costs
Finding and development costs were calculated by dividing the sum of exploration costs and development costs in the particular period by the reserves additions (the sum of extensions and improved recovery, discoveries, technical revisions and economic factors) in that period. The aggregate of the exploration and development costs incurred in a particular period generally will not reflect total finding and development costs related to reserves additions for that period.
FORWARD-LOOKING INFORMATIONÂ Â
This document contains certain forward-looking statements and other information (collectively "forward-looking information") about Cenovus's current expectations, estimates and projections, made in light of the company's experience and perception of historical trends. Forward-looking information in this document is identified by words such as "anticipate", "believe", "expect", "estimate", "plan", "forecast" or "F", "future", "target", "guidance", "budget", "position", "priority", "project", "capacity", "could", "focus", "potential", "may", "strategy", "forward", "opportunity", "on track" or similar expressions and includes suggestions of future outcomes, including statements about: measures planned to help the company remain financially resilient through another year of expected low crude oil and natural gas prices; projections contained in the company's 2016 guidance; forecast operating and financial results; dividend plans and strategy; expected reserves and resources; forecast commodity prices; the strength of the company's position to face another challenging year for the energy sector with continued volatility and low commodity prices and when commodity prices recover; planned capital expenditures and reductions, and the expected impact on the company's upstream production for 2016; expectations regarding improving cost structures, forecast cost savings and the sustainability of cost savings; expected future production, including the timing, stability or growth thereof; future use and development of technology, including expected effects on environmental impact; the company's plans to continue optimizing its processes and potential to realize greater efficiencies; opportunities to further reduce costs and increase productivity, including the company's plans for further workforce reductions and adjustments to discretionary spending and compensation programs; Cenovus's priorities in the challenging commodity price environment; development strategy and related schedules; project capacities; expected future maintenance program and impacts on well outage levels; expected impacts of better wellbore conformance and well productivity, including with respect to future capital and cost structures; expectations regarding future requirements with respect to Wedge WellTM technology and potential impacts to future capital and cost structures; the company's position to mitigate the impact of swings in the Canadian light-heavy oil price differential; and the company's financial resilience generally. Readers are cautioned not to place undue reliance on forward-looking information as the company's actual results may differ materially from those expressed or implied.
Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward-looking information is based include: assumptions inherent in Cenovus's current guidance, available at cenovus.com; projected capital investment levels, the flexibility of capital spending plans and the associated source of funding; estimates of quantities of oil, bitumen, natural gas and liquids from properties and other sources not currently classified as proved; the company's ability to obtain necessary regulatory and partner approvals; the successful and timely implementation of capital projects or stages thereof; the company's ability to generate sufficient cash flow to meet its current and future obligations; and other risks and uncertainties described from time to time in the filings Cenovus makes with securities regulatory authorities.
2016 guidance (as updated on February 11, 2016), available at cenovus.com, assumes: Brent of US$52.75/bbl, WTI of US$49.00/bbl; WCS of US$34.50/bbl; NYMEX of US$2.50/MMBtu; AECO of $2.50/GJ; Chicago 3-2-1 crack spread of US$12.00/bbl; and an exchange rate of $0.75 US$/C$.
The risk factors and uncertainties that could cause Cenovus's actual results to differ materially, include: volatility of and assumptions regarding oil and natural gas prices; the effectiveness of the company's risk management program, including the impact of derivative financial instruments, the success of the company's hedging strategies and the sufficiency of its liquidity position; the accuracy of cost estimates; commodity prices, currency and interest rates; product supply and demand; market competition, including from alternative energy sources; risks inherent in the company's marketing operations, including credit risks; exposure to counterparties and partners, including ability and willingness of such parties to satisfy contractual obligations in a timely manner; risks inherent in operation of Cenovus's crude-by-rail terminal, including health, safety and environmental risks; maintaining desirable ratios of debt to adjusted EBITDA and net debt to adjusted EBITDA as well as debt to capitalization and net debt to capitalization; Cenovus's ability to access various sources of debt and equity capital, generally, and on terms acceptable to Cenovus; ability to finance growth and sustaining capital expenditures; changes in credit ratings applicable to Cenovus or any of its securities; changes to dividend plans or strategy, including the dividend reinvestment plan; accuracy of reserves, resources and future production estimates; ability to replace and expand oil and gas reserves; the company's ability to maintain relationships with partners and to successfully manage and operate the company's integrated business; reliability of assets, including in order to meet production targets; potential disruption or unexpected technical difficulties in developing new products and manufacturing processes; the occurrence of unexpected events such as fires, severe weather conditions, explosions, blow-outs, equipment failures, transportation incidents and other accidents or similar events; refining and marketing margins; inflationary pressures on operating costs, including labour, natural gas and other energy sources used in oil sands processes; potential failure of products to achieve acceptance in the market; unexpected cost increases or technical difficulties in constructing or modifying manufacturing or refining facilities; unexpected difficulties in producing, transporting or refining of crude oil into petroleum and chemical products; risks associated with technology and its application to Cenovus's business; the timing and costs of well and pipeline construction; ability to secure adequate product transportation, including sufficient pipeline, crude-by-rail, marine or other alternate transportation, including to address any gaps caused by constraints in the pipeline system; availability of, and Cenovus's ability to attract and retain, critical talent; changes in the regulatory framework in any of the locations in which Cenovus operates, including changes to the regulatory approval process and land-use designations, royalty, tax, environmental, greenhouse gas, carbon and other laws or regulations, or changes to the interpretation of such laws and regulations, as adopted or proposed, the impact thereof and the costs associated with compliance; the expected impact and timing of various accounting pronouncements, rule changes and standards on Cenovus's business, its financial results and its consolidated financial statements; changes in the general economic, market and business conditions; the political and economic conditions in the countries in which Cenovus operates; the occurrence of unexpected events such as war, terrorist threats and the instability resulting therefrom; and risks associated with existing and potential future lawsuits and regulatory actions against the company.
Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. For a full discussion of Cenovus's material risk factors, see "Risk Factors" in the company's AIF or Form 40-F for the period ended December 31, 2015, available on SEDAR at sedar.com, EDGAR at sec.gov and on Cenovus's website at cenovus.com.
TM denotes a trademark of Cenovus Energy Inc.
Cenovus Energy Inc.
Cenovus Energy Inc. is a Canadian integrated oil company. It is committed to applying fresh, progressive thinking to safely and responsibly unlock energy resources the world needs. Operations include oil sands projects in northern Alberta, which use specialized methods to drill and pump the oil to the surface, and established natural gas and oil production in Alberta and Saskatchewan. The company also has 50% ownership in two U.S. refineries. Cenovus shares trade under the symbol CVE, and are listed on the Toronto and New York stock exchanges. Its enterprise value is approximately $14 billion. For more information, visit cenovus.com.
Find Cenovus on Facebook, Twitter, LinkedIn, YouTube and Instagram.
SOURCE Cenovus Energy Inc.
CALGARY, Feb. 3, 2016 /PRNewswire/ - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) will release its fourth quarter and year-end 2015 results on Thursday, February 11, 2016. The news release will provide consolidated fourth quarter and year-end 2015 operating and financial information. Financial statements will be available on the company's website, cenovus.com.
A conference call and webcast to discuss the results will be held for the investment community at 9 a.m. MT (11 a.m. ET). To participate, please dial 888-231-8191 (toll-free in North America) or 647-427-7450 approximately 10 minutes prior to the conference call.
The webcast link will be available via Cenovus's website, cenovus.com or via the following
URL: http://event.on24.com/r.htm?e=1119024&s=1&k=1FCEC66EDFA099CC493859A80A3932E4
Cenovus Energy Inc.
Cenovus Energy Inc. is a Canadian integrated oil company. It is committed to applying fresh, progressive thinking to safely and responsibly unlock energy resources the world needs. Operations include oil sands projects in northern Alberta which use specialized methods to drill and pump the oil to the surface and established natural gas and oil production in Alberta and Saskatchewan. The company also has 50% ownership in two U.S. refineries. Cenovus shares trade under the symbol CVE and are listed on the Toronto and New York stock exchanges. The company's enterprise value is approximately $15 billion. For more information, visit cenovus.com.
Find Cenovus on Facebook, Twitter, LinkedIn, YouTube and Instagram.
SOURCE Cenovus Energy Inc.
Alder Crude Oil Field (subscriber access)
Status: (subscriber access)
Parent Entities:
ConocoPhillips Company
Chevron North Sea Limited
Australia Pacific Gas Pipeline (subscriber access)
Status: (subscriber access)
Parent Entities:
ConocoPhillips Company
Sinopec Shanghai Petrochemical
Origin
Australia Pacific LNG Export Train 1 (subscriber access)
Status: (subscriber access)
Parent Entities:
ConocoPhillips Company
Sinopec Shanghai Petrochemical
Australia Pacific LNG Export Train 2 (subscriber access)
Status: (subscriber access)
Parent Entities:
ConocoPhillips Company
Sinopec Shanghai Petrochemical
Origin
Barossa Project (subscriber access)
Status: (subscriber access)
Parent Entities:
ConocoPhillips Company
SK E&S
Santos Ltd
Breidablikk Oil Field Development (subscriber access)
Status: (subscriber access)
Parent Entities:
Equinor ASA
Var Energi
Petoro AS
ConocoPhillips Company
Eni SpA
Bruderheim Diluent Recovery Unit (DRU) (subscriber access)
Status: (subscriber access)
Parent Entities:
Cenovus Energy Inc.
Caribou Oil Sands Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Husky Energy Inc
Christina Lake Phase F (subscriber access)
Status: (subscriber access)
Parent Entities:
Cenovus Energy Inc.
Christina Lake Phase G (subscriber access)
Status: (subscriber access)
Parent Entities:
Cenovus Energy Inc.
Christina Lake Phase H (subscriber access)
Status: (subscriber access)
Parent Entities:
Cenovus Energy Inc.
Edam Central Oil Sands Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Husky Energy Inc
Equinor Troll Extension Project (subscriber access)
Parent Entities:
Equinor ASA
Shell plc.
TotalEnergies
Petoro AS
ConocoPhillips Company
Foster Creek Phase G Expansion (subscriber access)
Status: (subscriber access)
Parent Entities:
Cenovus Energy Inc.
Foster Creek Phase H (subscriber access)
Status: (subscriber access)
Parent Entities:
Cenovus Energy Inc.
Foster Creek Phase J (subscriber access)
Status: (subscriber access)
Parent Entities:
Cenovus Energy Inc.
Greater Mooses Tooth 2 (subscriber access)
Status: (subscriber access)
Parent Entities:
ConocoPhillips Company
Greater Willow Area Production Project (Alaska) (subscriber access)
Status: (subscriber access)
Parent Entities:
ConocoPhillips Company
Husky BD Indonesian Field (subscriber access)
Status: (subscriber access)
Parent Entities:
Husky Energy Inc
Husky Dee Valley 2 Thermal Project (subscriber access)
Parent Entities:
Husky Energy Inc
Husky Dee Valley Thermal Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Husky Energy Inc
Husky Edam East Thermal Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Husky Energy Inc
Husky Edam West Thermal Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Husky Energy Inc
Husky Spruce Lake Central Thermal Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Husky Energy Inc
Husky Spruce Lake East Thermal Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Husky Energy Inc
Husky Spruce Lake North Thermal Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Husky Energy Inc
Husky Sunrise Energy Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Husky Energy Inc
Husky Vawn Thermal (subscriber access)
Status: (subscriber access)
Parent Entities:
Husky Energy Inc
JERA/Uniper Gulf Coast Clean Ammonia Facility (subscriber access)
Status: (subscriber access)
Parent Entities:
JERA Americas Inc.
Uniper
ConocoPhillips Company
K2 Offshore Development (subscriber access)
Status: (subscriber access)
Parent Entities:
Anadarko Petroleum Corporation
Nippon Yusen Kabushiki Kaisha
Mcx Gulf Of Mexico, LLC
ConocoPhillips Company
Eni SpA
Ecopetrol SA
Lima Crude Oil Flexibility Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Husky Energy Inc
Lloydminster Asphalt Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Husky Energy Inc
McMullen Oil Sands Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Husky Energy Inc
Narrows Lake Phase A (subscriber access)
Status: (subscriber access)
Parent Entities:
Cenovus Energy Inc.
Norealis Pipeline Project (subscriber access)
Parent Entities:
Husky Energy Inc
Northwest White Rose Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Husky Energy Inc
Pathways Alliance Carbon Capture Project (subscriber access)
Status: (subscriber access)
Parent Entities:
MEG Energy Corp
Cenovus Energy Inc.
Canadian Natural Resources Ltd
ConocoPhillips Company
Imperial Oil Ltd.
Suncor Energy Inc.
Rush Lake 2 Lloyd Thermal Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Husky Energy Inc
Saleski Oil Sands Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Husky Energy Inc
Shenandoah Offshore Development (subscriber access)
Status: (subscriber access)
Parent Entities:
ConocoPhillips Company
Cobalt International Energy, Inc
Marathon Oil Corporation
Venari Resources LLC
Venari Resources, LLC
LLOG Exploration
Navitas Petroleum
HEQ Deepwater
Shenandoah Offshore Development (subscriber access)
Status: (subscriber access)
Parent Entities:
ConocoPhillips Company
Cobalt International Energy, Inc
Marathon Oil Corporation
Venari Resources LLC
Venari Resources, LLC
LLOG Exploration
Beacon Offshore Energy LLC
Navitas Petroleum
Sunrise LNG Terminal (subscriber access)
Status: (subscriber access)
Parent Entities:
Woodside Energy, Ltd.
ConocoPhillips Company
Shell plc.
Osaka Gas Co Ltd
Sunrise Phase 1 De-Bottleneck 2 (subscriber access)
Status: (subscriber access)
Parent Entities:
Husky Energy Inc
Superior Flexibility Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Calumet Specialty Products Partners
Husky Energy Inc
Superior Refinery Rebuild (subscriber access)
Status: (subscriber access)
Parent Entities:
Husky Energy Inc
Tor II Development (ConocoPhillips) (subscriber access)
Parent Entities:
ConocoPhillips Company
TotalEnergies
Eni SpA
Equinor ASA
Petoro AS
Tucker Thermal Project (Colony) (subscriber access)
Status: (subscriber access)
Parent Entities:
Husky Energy Inc
West White Rose Offshore Development (subscriber access)
Status: (subscriber access)
Parent Entities:
Husky Energy Inc
Suncor Energy Inc.
Nalcor Energy
Westhazel Oil Sands Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Husky Energy Inc
Wood River Refinery Modernization Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Phillips 66
WRB Refining LP
Subscribe now for access to Criterion Research's historical production and forecast production by company.
Subscribe now for access to Criterion Research's hedge and analysis.