Cenovus announces fourth-quarter and full-year 2023 results
- Cenovus Energy Inc. achieved the second-highest quarterly production rates in Q4 2023.
- The company returned $731 million to shareholders in the fourth quarter.
- Net debt was reduced by $916 million in Q4 2023.
- Cenovus's adjusted funds flow showed positive growth trends in Q4 2023.
- Capital investment increased to $1.17 billion in Q4 2023.
- None.
Insights
The financial results from Cenovus Energy Inc. reveal a robust operational performance, particularly in upstream production, which is a critical factor for investors assessing the company's core business efficiency. The reported second-highest quarterly production rates demonstrate the company's ability to leverage its assets effectively, despite the challenging market conditions characterized by declining commodity prices and refinery crack spreads.
A significant reduction in net debt by $916 million and repurchasing of long-term debt underscore a strategic focus on strengthening the balance sheet, which is vital for the company's financial health and creditworthiness. The $2.8 billion returned to shareholders in various forms, including share buybacks and dividends, signals a shareholder-friendly capital allocation policy, which could influence investor sentiment positively.
However, the impact of the cost of processing higher-priced crude oil purchased in previous periods needs to be considered, as this could affect margins in the short term. The decline in revenues from $14.6 billion in the third quarter to approximately $13.1 billion in the fourth quarter suggests that investors need to monitor commodity price trends and their impact on future earnings closely.
The operational performance of Cenovus Energy Inc., particularly in the upstream sector, is commendable, with a production exit rate of 809,000 BOE/d. This level of production efficiency is indicative of the company's technical capabilities and asset quality. In the context of the energy industry, maintaining such high production rates is essential to capitalize on market opportunities when commodity prices rebound.
Furthermore, the company's progress in its downstream business, despite the negative impacts of declining refinery crack spreads, suggests resilience and potential for margin improvement. The ability to capture more margin across its businesses, as stated by the CEO, could be a strategic advantage in an industry often subject to volatile pricing and narrow profit margins.
From an industry perspective, the reduction in long-term debt and net debt positions the company favorably against peers who may be struggling with leverage issues. This could provide Cenovus with a competitive edge in pursuing growth opportunities or weathering future market downturns.
Investors should note that Cenovus's performance must be contextualized within broader market trends. The oil and gas sector is cyclical and influenced by global economic factors, geopolitical events and supply-demand dynamics. The company's ability to deliver strong operational results amidst a rapid decline in commodity prices is significant. It suggests operational agility and cost management that can help weather market volatility.
While the company's capital structure has been strengthened, as evidenced by debt reduction and shareholder returns, market participants should assess the sustainability of these initiatives in the face of potential future commodity price fluctuations. Additionally, the company's forward-looking statements on capturing more margin may be contingent on factors such as global economic recovery and energy transition trends, which could impact both upstream and downstream operations.
Long-term implications for stakeholders include the potential benefits from the company's focus on operational efficiency and financial prudence. However, the drawbacks may arise if commodity prices continue to decline, potentially eroding profit margins and putting pressure on the company's ability to maintain its production rates and shareholder returns.
CALGARY, Alberta, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) continued to deliver strong operational performance across the portfolio in the fourth quarter of 2023. The company's upstream assets performed exceptionally well, achieving the second-highest quarterly production rates in Cenovus’s history. In its downstream business, the company continued to build operating momentum at its wholly-owned refineries. Upstream and downstream results were negatively impacted by a rapid decline in commodity prices and refinery crack spreads in the quarter. This was compounded by the cost of processing crude oil in the downstream that was purchased in prior periods at higher prices.
“As expected, upstream operating performance was excellent through the final months of the year. This period also marked the second full quarter that our full suite of operated refining assets were available to us and I am very pleased with our progress,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “With the work done in 2023, we are well positioned to continue capturing more margin across our businesses.”
Fourth-quarter and year-end highlights
- Achieved a strong upstream exit rate in 2023, with fourth quarter average production of 809,000 barrels of oil equivalent per day (BOE/d)1.
- Returned a total of
$731 million to shareholders in the fourth quarter, including the payment of the remaining warrant purchase liability. In 2023, returned$2.8 billion to shareholders, including$1.1 billion through share buybacks,$1.0 billion through common and preferred share dividends and$711 million on the purchase and cancellation of common share warrants. - Reduced net debt by
$916 million in the fourth quarter, to$5.1 billion . Long-term debt, including the current portion, was$7.1 billion at the end of the fourth quarter, a reduction of$1.6 billion compared with year-end 2022, and reflects the continued strengthening of our capital structure with the repurchase of US$1 billion of long-term debt in 2023.
| Financial, production & throughput summary | |||||
| For the period ended December 31 | 2023 Q4 | 2023 Q3 | 2022 Q4 | 2023 FY | 2022 FY |
| Financial ($ millions, except per share amounts) | |||||
| Cash from (used in) operating activities | 2,946 | 2,738 | 2,970 | 7,388 | 11,403 |
| Adjusted funds flow2 | 2,062 | 3,447 | 2,346 | 8,803 | 10,978 |
| Per share (diluted)2 | 1.09 | 1.81 | 1.19 | 4.57 | 5.47 |
| Capital investment | 1,170 | 1,025 | 1,274 | 4,298 | 3,708 |
| Free funds flow2 | 892 | 2,422 | 1,072 | 4,505 | 7,270 |
| Excess free funds flow2 | 471 | 1,989 | 786 | ||
| Net earnings (loss) | 743 | 1,864 | 784 | 4,109 | 6,450 |
| Per share (diluted) | 0.39 | 0.97 | 0.39 | 2.12 | 3.20 |
| Long-term debt, including current portion | 7,108 | 7,224 | 8,691 | 7,108 | 8,691 |
| Net debt | 5,060 | 5,976 | 4,282 | 5,060 | 4,282 |
| Production and throughput (before royalties, net to Cenovus) | |||||
| Oil and NGLs (bbls/d)1 | 662,600 | 652,400 | 664,900 | 640,000 | 641,900 |
| Conventional natural gas (MMcf/d) | 876.3 | 867.4 | 852.0 | 832.6 | 866.1 |
| Total upstream production (BOE/d)1 | 808,600 | 797,000 | 806,900 | 778,700 | 786,200 |
| Total downstream throughput (bbls/d) | 579,100 | 664,300 | 473,300 | 560,400 | 493,700 |
1 See Advisory for production by product type.
2 Non-GAAP financial measure or contains a non-GAAP financial measure. See Advisory.
Fourth-quarter results
Operating results1
Cenovus’s total revenues were approximately
Total upstream production was 808,600 BOE/d in the fourth quarter, an increase of approximately 12,000 barrels per day (bbls/d) from the third quarter, as the company progressed the start-up of new oil sands well pads and the Terra Nova field returned to production in November. Foster Creek volumes increased to 198,800 bbls/d, from 189,300 bbls/d in the third quarter and Christina Lake production was 239,600 bbls/d, in line with the third quarter. Sunrise produced 50,100 bbls/d and continued to show strong results from its redevelopment program. At the Lloydminster thermal projects, production of 106,600 bbls/d was in line with the prior quarter. Overall, Oil Sands operating costs per barrel were
Production in the Conventional segment was 123,800 BOE/d in the fourth quarter, a decrease from 127,200 BOE/d in the third quarter. Cenovus experienced higher production rates from certain wells in the third quarter following shut-ins that occurred in the second quarter of 2023 due to the Alberta wildfires.
In the Offshore segment, production was 70,200 BOE/d compared with 66,400 BOE/d in the third quarter. In Asia Pacific, sales volumes increased in the fourth quarter, reflecting production from the MAC field in Indonesia that began in the third quarter of 2023. In the Atlantic region, production was 9,700 bbls/d compared with 8,900 bbls/d in the prior quarter as the non-operated Terra Nova floating production, storage and offloading (FPSO) vessel resumed production offshore Newfoundland and Labrador.
Crude throughput in the Canadian Refining segment was 100,300 bbls/d in the fourth quarter, compared with crude throughput of 108,400 bbls/d in the third quarter. Throughput was reduced primarily due to an unplanned outage at the Lloydminster Upgrader in October, which returned to full rates in November.
In U.S. Refining, crude throughput was 478,800 bbls/d in the fourth quarter, compared with crude throughput of 555,900 bbls/d in the third quarter. Throughput was reduced primarily due to planned turnaround activity at the non-operated Borger Refinery and an unplanned outage delaying the start-up of the refinery post-turnaround. The Lima Refinery also underwent planned maintenance in the fourth quarter and a temporary unplanned outage. In response to the exceptionally weak refined products pricing environment in December, the company took the opportunity to economically optimize throughput across its refining network.
3 Non-GAAP financial measure. Total operating margin is the total of Upstream operating margin plus Downstream operating margin. See Advisory.
4 Specified financial measure. See Advisory.
Financial results
Fourth-quarter cash from operating activities, which includes changes in non-cash working capital, was about
Net earnings in the fourth quarter were
Long-term debt, including the current portion, was reduced to
Capital investment of
Full-year results
In 2023, Cenovus’s total upstream production averaged 778,700 BOE/d, compared with 786,200 BOE/d in 2022, which reflects the impact of wildfire activity in Alberta in the second quarter of 2023 as well as the timing of sustaining well pads in the Oil Sands segment. Oil Sands crude oil production was 593,400 bbls/d, including 186,300 bbls/d at Foster Creek and 237,400 bbls/d at Christina Lake. Full-year production from the Lloydminster thermal projects was 104,100 bbls/d compared with 99,900 bbls/d in 2022, reflecting a full year of production from the company’s Spruce Lake North facility. Production from Sunrise was 48,900 bbls/d compared with 31,300 bbls/d in 2022, with the increase largely driven by the acquisition of the remaining
U.S. Refining crude oil throughput increased to 459,700 bbls/d in 2023 compared with 400,800 bbls/d in 2022, reflecting the acquisition of the remaining
Total revenues were about
Cash from operating activities was
Reserves
Cenovus’s proved and probable reserves are evaluated each year by independent qualified reserves evaluators. At the end of 2023, Cenovus’s total proved and total proved plus probable reserves were approximately 5.9 billion BOE and 8.7 billion BOE respectively, relatively unchanged compared to the prior year. Total proved and total proved plus probable bitumen reserves were approximately 5.4 billion barrels and approximately 7.9 billion barrels respectively, both relatively unchanged compared to the prior year. At year-end 2023, Cenovus had a proved reserves life index of approximately 21 years and a proved plus probable reserves life index of approximately 31 years.
More details about Cenovus’s reserves and other oil and gas information are available in the Advisory and the Management’s Discussion & Analysis (MD&A), Annual Information Form (AIF) and Annual Report on Form 40-F for the year ended December 31, 2023, available on SEDAR+ at sedarplus.ca, EDGAR at sec.gov and Cenovus’s website at cenovus.com.
Cenovus year-end disclosure documents
Today, Cenovus is filing its audited Consolidated Financial Statements, MD&A and AIF with Canadian securities regulatory authorities. The company is also filing its Annual Report on Form 40-F for the year ended December 31, 2023 with the U.S. Securities and Exchange Commission. Copies of these documents will be available on SEDAR+ at sedarplus.ca, EDGAR at sec.gov and the company's website at cenovus.com under Investors. They can also be requested free of charge by emailing investor.relations@cenovus.com.
Dividend declarations and share purchases
The Board of Directors has declared a quarterly base dividend of
| Preferred shares dividend summary | ||
| Share series | Rate (%) | Amount ($/share) |
| Series 1 | 2.577 | 0.16106 |
| Series 2 | 6.772 | 0.42094 |
| Series 3 | 4.689 | 0.29306 |
| Series 5 | 4.591 | 0.28694 |
| Series 7 | 3.935 | 0.24594 |
All dividends paid on Cenovus’s common and preferred shares will be designated as “eligible dividends” for Canadian federal income tax purposes. Declaration of dividends is at the sole discretion of the Board and will continue to be evaluated on a quarterly basis.
Cenovus’s shareholder returns framework has a target of returning
2024 planned maintenance
The following table provides details on planned maintenance activities at Cenovus assets through 2024 and anticipated production or throughput impacts.
| 2024 planned maintenance | |||||
| Potential quarterly production/throughput impact (Mbbls/d) | |||||
| Q1 | Q2 | Q3 | Q4 | Annualized impact | |
| Upstream | |||||
| Oil Sands | — | 2 - 3 | 50 - 60 | — | 13 - 16 |
| Atlantic | 8 - 10 | 8 - 10 | 8 - 10 | — | 5 - 7 |
| Conventional | — | 3 - 5 | 4 - 6 | — | 2 - 4 |
| Downstream | |||||
| Canadian Refining | — | 42 - 46 | — | — | 10 - 12 |
| U.S. Refining | 20 - 24 | 12 - 16 | 30 - 34 | 56 - 60 | 30 - 35 |
Sustainability
In 2023, Cenovus made progress in several of its environmental, social and governance focus areas. The company announced a new milestone to reduce absolute methane emissions in its upstream operations by 80 percent by year-end 2028, from a 2019 baseline. In addition, Cenovus has reached its target of spending at least
Cenovus continues to work with its peers in the Pathways Alliance to advance company-specific projects in order to achieve its overall emissions reduction target. Additional certainty about shared funding commitments from governments is required for Cenovus and the Pathways Alliance to move forward with the large-scale capital investments necessary to meet their emissions reduction goals.
Chief Sustainability Officer update
Cenovus Chief Sustainability Officer & Executive Vice-President, Stakeholder Engagement, Rhona DelFrari, will be taking a one-year sabbatical starting May 2, 2024. Jeff Lawson, Cenovus Senior Vice-President, Corporate Development, will take on Rhona’s responsibilities and join the executive team during her absence.
| Conference call today 9 a.m. Mountain Time (11 a.m. Eastern Time) Cenovus will host a conference call today, February 15, 2024, starting at 9 a.m. MT (11 a.m. ET). To join the conference call without operator assistance, please register here approximately 5 minutes in advance to receive an automated call-back when the session begins. Alternatively, you can dial 888-664-6383 (toll-free in North America) or 416-764-8650 to reach a live operator who will join you into the call. A live audio webcast will also be available and will be archived for approximately 90 days. |
Advisory
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) Accounting Standards.
Barrels of Oil Equivalent
Natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six thousand cubic feet (Mcf) to one barrel (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. Given that the value ratio based on the current price of crude oil compared with natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value.
Product types
| Product type by operating segment | ||
| Three months ended December 31, 2023 | Full year ended December 31, 2023 | |
| Oil Sands | ||
| Bitumen (Mbbls/d) | 595.1 | 576.7 |
| Heavy crude oil (Mbbls/d) | 17.5 | 16.7 |
| Conventional natural gas (MMcf/d) | 12.3 | 11.9 |
| Total Oil Sands segment production (MBOE/d) | 614.6 | 595.4 |
| Conventional | ||
| Light crude oil (Mbbls/d) | 6.1 | 5.9 |
| Natural gas liquids (Mbbls/d) | 22.8 | 21.7 |
| Conventional natural gas (MMcf/d) | 569.6 | 554.1 |
| Total Conventional segment production (MBOE/d) | 123.8 | 119.9 |
| Offshore | ||
| Light crude oil (Mbbls/d) | 9.7 | 8.2 |
| Natural gas liquids (Mbbls/d) | 11.4 | 10.8 |
| Conventional natural gas (MMcf/d) | 294.4 | 266.6 |
| Total Offshore segment production (MBOE/d) | 70.2 | 63.4 |
| Total upstream production (MBOE/d) | 808.6 | 778.7 |
Forward‐looking Information
This news release contains certain forward‐looking statements and forward‐looking information (collectively referred to as “forward‐looking information”) within the meaning of applicable securities legislation about Cenovus’s current expectations, estimates and projections about the future of the company, based on certain assumptions made in light of the company’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward‐looking information are reasonable, there can be no assurance that such expectations will prove to be correct.
Forward‐looking information in this document is identified by words such as “anticipate”, “continue”, “deliver”, “focus”, “progress”, and “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: performance for the rest of 2024 and beyond; market pricing; capturing margin; achieving net debt of
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 in this news release are based include, but are not limited to: the allocation of free funds flow to reducing net debt; commodity prices, inflation and supply chain constraints; Cenovus’s ability to produce on an unconstrained basis; Cenovus’s ability to access sufficient insurance coverage to pursue development plans; Cenovus’s ability to deliver safe and reliable operations and demonstrate strong governance; and the assumptions inherent in Cenovus’s 2024 Guidance available on cenovus.com.
The risk factors and uncertainties that could cause actual results to differ materially from the forward‐looking information in this news release include, but are not limited to: the accuracy of estimates regarding commodity production and operating expenses, inflation, taxes, royalties, capital costs and currency and interest rates; risks inherent in the operation of Cenovus’s business; and risks associated with climate change and Cenovus’s assumptions relating thereto and other risks identified under “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2023.
Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward‐looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s MD&A for the period ended December 31, 2023, and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com).
Specified Financial Measures
This news release contains references to certain specified financial measures that do not have standardized meanings prescribed by IFRS. Readers should not consider these measures in isolation or as a substitute for analysis of the company’s results as reported under IFRS. These measures are defined differently by different companies and, therefore, might not be comparable to similar measures presented by other issuers. For information on the composition of these measures, as well as an explanation of how the company uses these measures, refer to the Specified Financial Measures Advisory located in Cenovus’s MD&A for the period ended December 31, 2023 (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and on Cenovus's website at cenovus.com) which is incorporated by reference into this news release.
Upstream Operating Margin and Downstream Operating Margin
Upstream Operating Margin and Downstream Operating Margin, and the individual components thereof, are included in Note 1 to the interim Consolidated Financial Statements.
Total Operating Margin
Total Operating Margin is the total of Upstream Operating Margin plus Downstream Operating Margin.
| Upstream(1) | Downstream(1) | Total | ||||||||||||||||||
| ($ millions) | Q4 2023 | Q3 2023 | Q4 2022 | Q4 2023 | Q3 2023 | Q4 2022 | Q4 2023 | Q3 2023 | Q4 2022 | |||||||||||
| Revenues | ||||||||||||||||||||
| Gross Sales | 7,797 | 8,783 | 8,251 | 8,404 | 9,658 | 8,302 | 16,201 | 18,441 | 16,553 | |||||||||||
| Less: Royalties | 902 | 1,135 | 875 | — | — | — | 902 | 1,135 | 875 | |||||||||||
| 6,895 | 7,648 | 7,376 | 8,404 | 9,658 | 8,302 | 15,299 | 17,306 | 15,678 | ||||||||||||
| Expenses | ||||||||||||||||||||
| Purchased Product | 663 | 900 | 1,079 | 7,888 | 7,947 | 6,993 | 8,551 | 8,847 | 8,072 | |||||||||||
| Transportation and Blending | 2,894 | 2,397 | 2,984 | — | — | — | 2,894 | 2,397 | 2,984 | |||||||||||
| Operating | 864 | 914 | 955 | 826 | 778 | 759 | 1,690 | 1,692 | 1,714 | |||||||||||
| Realized (Gain) Loss on Risk Management | 19 | (10 | ) | 134 | (6 | ) | 11 | (8 | ) | 13 | 1 | 126 | ||||||||
| Operating Margin | 2,455 | 3,447 | 2,224 | (304 | ) | 922 | 558 | 2,151 | 4,369 | 2,782 | ||||||||||
(1) Found in the December 31, 2023, or the September 30, 2023, interim Consolidated Financial Statements.
| Upstream(1) | Downstream(1) | Total | |||||||||
| ($ millions) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||
| Revenues | |||||||||||
| Gross Sales | 31,082 | 41,142 | 32,626 | 38,010 | 63,708 | 79,152 | |||||
| Less: Royalties | 3,270 | 4,868 | — | — | 3,270 | 4,868 | |||||
| 27,812 | 36,274 | 32,626 | 38,010 | 60,438 | 74,284 | ||||||
| Expenses | |||||||||||
| Purchased Product | 3,152 | 6,741 | 28,273 | 32,409 | 31,425 | 39,150 | |||||
| Transportation and Blending | 11,088 | 12,301 | — | — | 11,088 | 12,301 | |||||
| Operating | 3,690 | 3,789 | 3,201 | 3,050 | 6,891 | 6,839 | |||||
| Realized (Gain) Loss on Risk Management | 12 | 1,619 | — | 112 | 12 | 1,731 | |||||
| Operating Margin | 9,870 | 11,824 | 1,152 | 2,439 | 11,022 | 14,263 | |||||
(1) Found in the December 31, 2023, Consolidated Financial Statements.
Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow
The following table provides a reconciliation of cash from (used in) operating activities found in Cenovus’s Consolidated Financial Statements to Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow. Adjusted Funds Flow per Share – Basic and Adjusted Funds Flow per Share – Diluted are calculated by dividing Adjusted Funds Flow by the respective basic or diluted weighted average number of common shares outstanding during the period and may be useful to evaluate a company’s ability to generate cash.
| Three Months Ended | Twelve Months Ended | ||||||||||
| ($ millions) | Dec. 31, 2023 | Sept. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | ||||||
| Cash From (Used in) Operating Activities(1) | 2,946 | 2,738 | 2,970 | 7,388 | 11,403 | ||||||
| (Add) Deduct: | |||||||||||
| Settlement of Decommissioning Liabilities | (65 | ) | (68 | ) | (49 | ) | (222 | ) | (150 | ) | |
| Net Change in Non-Cash Working Capital | 949 | (641 | ) | 673 | (1,193 | ) | 575 | ||||
| Adjusted Funds Flow | 2,062 | 3,447 | 2,346 | 8,803 | 10,978 | ||||||
| Capital Investment | 1,170 | 1,025 | 1,274 | 4,298 | 3,708 | ||||||
| Free Funds Flow | 892 | 2,422 | 1,072 | 4,505 | 7,270 | ||||||
| Add (Deduct): | |||||||||||
| Base Dividends Paid on Common Shares | (261 | ) | (264 | ) | (201 | ) | |||||
| Dividends Paid on Preferred Shares | (9 | ) | — | — | |||||||
| Settlement of Decommissioning Liabilities | (65 | ) | (68 | ) | (49 | ) | |||||
| Principal Repayment of Leases | (72 | ) | (70 | ) | (74 | ) | |||||
| Acquisitions, Net of Cash Acquired | (14 | ) | (32 | ) | (7 | ) | |||||
| Proceeds From Divestitures | — | 1 | 45 | ||||||||
| Excess Free Funds Flow | 471 | 1,989 | 786 | ||||||||
(1) Found in the December 31, 2023, or the September 30, 2023, interim Consolidated Financial Statements.
Cenovus Energy Inc.
Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is focused on managing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.
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Cenovus contacts
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