Cenovus Energy

Cenovus Energy, Inc. engages in provision of gas and oil. Its activities include development, production, and marketing of crude oil, natural gas liquids (NGLS), and natural gas in Canada. The firm operates through four segments: Oil Sands, Conventional, Refining & Marketing, and Corporate & Eliminations. The Oil sands segment includes the development and production of bitumen in northeast Alberta including Foster Creek, Christina Lake and Narrows Lake as well as projects in the early stages of development. The Conventional segment includes includes land primarily in the Elmworth-Wapiti, Kaybob-Edson, and Clearwater operating areas. The Refining and Marketing segment provides transportation and selling of crude oil, natural gas and NGLS. The Corporate and Eliminations segment includes unrealized gains and losses recorded on derivative financial instruments, divestiture of assets, as well as other administrative, financing activities and research costs. The company was founded in 1881 and is headquartered in Calgary, Canada.

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Cenovus Energy, Inc. is a Canadian-based integrated energy company, which engages in the provision of gas and oil. It operates through the following segments: Upstream, Downstream, and Corporate and Eliminations. The Upstream segment refers to operations of oil sands, conventional, and offshore. The Downstream segment operates the Canadian and U.S. refining. The Corporate and Eliminations segment includes the corporates costs for general and administrative. The company was founded in 1881 and is headquartered in Calgary, Canada.

Cenovus Energy, Inc. (NYSE:CVE ) Q4 2022 Earnings Conference Call February 16, 2023 11:00 AM ET Company Participants Sherry Wendt - Director, IR Jonathan McKenzie - EVP & COO Alexander Pourbaix - CEO, President & Director Norrie Ramsay - EVP, Upstream, Thermal, Major Projects & Offshore Joseph Zieglgansberger - EVP, Natural Gas & Technical Services Keith Chiasson - EVP, Downstream Conference Call Participants Greg Pardy - RBC Capital Markets Dennis Fong - CIBC Capital Markets Neil Mehta - Goldman Sachs Menno Hulshof - TD Securities Ashok Dutta - S&P Global Platts John Royall - JPMorgan Chase & Co. Chris Varcoe - Calgary Herald Operator Good day, ladies and gentlemen, and thank you for standing by. Welcome to Cenovus Energy's Fourth Quarter and Year-end 2020 Results.

Cenovus Energy, Inc. (CVE) Q4 2022 Earnings Call Transcript

Cenovus (CVE) delivered earnings and revenue surprises of -39.58% and 6.06%, respectively, for the quarter ended December 2022. Do the numbers hold clues to what lies ahead for the stock?

Cenovus Energy (CVE) Misses Q4 Earnings Estimates

Alex Pourbaix becomes Executive Chair and Jon McKenzie becomes President & CEO Alex Pourbaix becomes Executive Chair and Jon McKenzie becomes President & CEO

Cenovus announces President & Chief Executive Officer succession

CALGARY, Alberta, Feb. 16, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) delivered strong operating and financial performance in 2022, with $11.4 billion in cash from operating activities, $11.0 billion in adjusted funds flow and $7.3 billion in free funds flow, enabling more than $3.4 billion in shareholder returns. In the fourth quarter, reliable upstream operating performance drove nearly $3.0 billion in cash from operating activities, $2.3 billion in adjusted funds flow and $1.1 billion in free funds flow. Production was 806,900 barrels of oil equivalent per day (BOE/d) 1 and downstream throughput was 473,500 barrels per day (bbls/d) as the company's operated downstream assets performed well in the fourth quarter.

Cenovus announces 2022 full-year and fourth-quarter results

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Cenovus is scheduled to release its Q4 and full-year 2022 results on Thursday. Expect a meaningful reduction in the company's year-over-year debt load. That's because, as of Q3, debt had already dropped from C$12.4 billion at year-end 2022 to C$8.8 billion (-29%). I expect further progress was made in Q4.

Cenovus: What To Expect From Oil Sands Producer's Q4

CALGARY, Alberta, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSE: CVE) will release its fourth-quarter and full-year 2022 results on Thursday, February 16. The news release will provide consolidated fourth-quarter and full-year operating and financial information. The company's quarterly and 2022 financial statements will be available on Cenovus's website, cenovus.com.

Cenovus to hold fourth-quarter, full-year 2022 results conference call and webcast February 16

Cenovus (CVE) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Cenovus Energy (CVE) Reports Next Week: Wall Street Expects Earnings Growth

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Cenovus Energy: Integration Continues

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Cenovus Energy succeeded in bringing down its debt considerably in 2022. This means that CVE enters 2023, with its net debt at CAD$4 billion. As a corollary, this means that CVE will now increase its capital allocation profile from 50% of FCF to 100% of FCF back to shareholders.

Cenovus Energy: +6% Yield Could Be On The Cards

Later this year, likely in Q4, the long-awaited Trans Mountain pipeline expansion project will come online. The stocks of big oil sands producers - like Cenovus - will benefit. The pipeline will add 590,000 bpd of long-overdo and badly needed oil sands pipeline exit capacity.

The Trans Mountain Pipeline Expansion Will Benefit Cenovus

CALGARY, Alberta, Jan. 08, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) is providing an update on its Downstream operations following recent extreme winter storms and severe cold temperatures at the company's U.S. and Canadian refining operations, coupled with unplanned operational challenges and third-party pipeline outages, which impacted refinery throughput and operational availability. Cenovus's priority remains the safety of its people and the reliability and integrity of its operations.

Cenovus Energy provides update on Downstream operations

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Apart from ExxonMobil (XOM) and Chevron ((VX), Cenovus Energy (CVE), Transocean (RIG) and Petrobras (PBR) hogged attention during the week.

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Cenovus is a quality company that has been deleveraging rapidly. This positions the company well for much higher shareholder returns next year.

Cenovus: Buy Now For A Likely Much Higher Dividend Yield In 2023

Cenovus (CVE) anticipates its natural gas business to increase by as much as 25% in the coming years due to higher prices.

Cenovus (CVE) Gives Production Guidance for 2023, Hikes Capex

CALGARY, Alberta, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its 2023 budget, delivering disciplined capital allocation and focused investment plans to progress opportunities across its integrated portfolio, holding oil sands and conventional operating costs flat, reducing downstream operating costs and positioning the company for continued growth in shareholder returns. Cenovus plans to invest between $4.0 billion and $4.5 billion in 2023, including about $2.8 billion of sustaining capital to maintain base production and support continued safe and reliable operations. A range of $1.2 billion to $1.7 billion will be directed towards optimization and growth, including construction of the West White Rose project in Atlantic Canada, continued optimization of Cenovus's oil sands assets and opportunities in the downstream business to improve reliability and increase margin capture.

Cenovus announces 2023 budget

Higher transportation and blending expenses, and expenses for purchased products hurt Cenovus' (CVE) earnings in Q3.

Cenovus (CVE) Shares Gain 2.6% Despite Q3 Earnings Miss

Cenovus Energy currently returns 50% of excess free cash flow to shareholders. When the net debt level drops to C$4 billion of net debt, then 100% of the excess free cash flow will be returned to shareholders. That is a lot more cash.

Cenovus Energy: Buy For The Income And Stay For The Growth

Cenovus Energy benefited greatly as oil prices surged during 2022 and saw them deleverage. They are now on the cusp of returning the entirety of their free cash flow to shareholders but in the medium to long term, their shares do not offer desirable value.

Cenovus Energy: The Best It Gets, Now Time To Sell

CALGARY, Alberta, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) announced today the Toronto Stock Exchange (“TSX”) has approved the renewal of the company's normal course issuer bid (“NCIB”) to purchase up to 136,717,741 common shares during the 12-month period commencing November 9, 2022 and ending November 8, 2023.

Cenovus announces renewal of share buyback program

Cenovus Energy has delivered a veritable explosion of dividend growth this year, tripling its payout. Over two years, the dividend has grown 400%!

Cenovus Energy: Explosive Dividend Growth

Cenovus delivered another solid quarter with adjusted funds flow of nearly $3 billion and free funds flow of ~$2.1 billion. Net debt has declined to $5.3 billion and Cenovus has guided to hitting their net debt floor by the end of this year.

News for Cenovus Energy Stock (CVE)