Articles from Cenovus Energy Inc.

CALGARY, Alberta, Dec. 12, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) today announced its 2025 corporate guidance, which includes capital investment of $4.6 billion to $5.0 billion, delivering upstream production of 805,000 barrels of oil equivalent per day (BOE/d) to 845,000 BOE/d and downstream crude unit utilization of 90% to 95%. Capital investment in 2025 will include about $3.2 billion of sustaining capital to maintain base production and support continued safe and reliable operations, with an additional $1.4 billion to $1.8 billion directed towards advancing the company’s upstream growth projects. Cenovus’s disciplined capital plan and strong emphasis on cost control will support continued returns to shareholders of 100% of excess free funds flow (EFFF) over time while maintaining net debt near $4.0 billion.

CALGARY, Alberta, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (“Cenovus” or the “Company”) (TSX: CVE) (NYSECVE) announced today it will exercise its right to redeem the Company’s 4.689% Series 3 Preferred Shares (the “Series 3 Preferred Shares”) on December 31, 2024 (the “Redemption”). All 10 million Series 3 Preferred Shares outstanding will be redeemed at the price of $25.00 per share, for an aggregate amount payable to holders of $250 million, less required withholdings, if any, funded primarily from cash on hand.

CALGARY, Alberta, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) announced today that the Toronto Stock Exchange (“TSX”) has approved the renewal of the company’s normal course issuer bid (“NCIB”) to purchase up to 127,489,549 common shares during the 12-month period commencing November 11, 2024 and ending November 10, 2025.

CALGARY, Alberta, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) today announced its financial and operating results for the third quarter of 2024. The company generated nearly $2.5 billion in cash from operating activities, $2.0 billion of adjusted funds flow and $614 million of free funds flow in the quarter. Upstream production of more than 771,000 barrels of oil equivalent per day (BOE/d)1 was slightly lower compared with the second quarter primarily because of turnaround activity at the Christina Lake oil sands facility. Turnaround impacts to production were lower than forecast, as Christina Lake completed its turnaround ahead of schedule. In the downstream, total throughput increased by about 20,000 barrels per day (bbls/d) from the second quarter to almost 643,000 bbls/d, and a major turnaround was successfully completed at the Lima Refinery.

CALGARY, Alberta, Oct. 24, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSECVE) will release its third-quarter 2024 results on Thursday, October 31. The news release will provide consolidated third-quarter operating and financial information. The company’s financial statements will be available on Cenovus’s website, cenovus.com.

CALGARY, Alberta, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) delivered strong operational performance across its portfolio in the second quarter of 2024, with solid production from its upstream assets and improved crude throughput at the company’s U.S. refineries, which operated at an overall utilization rate of 93%. Net debt was $4.26 billion at June 30, 2024, and in July the company achieved its net debt target of $4.0 billion. As a result, beginning in the third quarter, Cenovus will begin returning 100% of excess free funds flow (EFFF) to shareholders, as per the company’s shareholder returns framework.

CALGARY, Alberta, July 25, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSECVE) will release its second-quarter 2024 results on Thursday, August 1. The news release will provide consolidated second-quarter operating and financial information. The company’s financial statements will be available on Cenovus’s website, cenovus.com.

CALGARY, Alberta, June 20, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE), as a member of Pathways Alliance, today issued the following statement with respect to the Canadian government’s Bill C-59.

CALGARY, Alberta, May 01, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) held its annual meeting of shareholders on May 1, 2024. Each matter voted on is described in greater detail in the Corporation’s 2024 Management Information Circular dated March 6, 2024.

CALGARY, Alberta, May 01, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) delivered solid results across its portfolio in the first quarter of 2024. Production from its upstream assets remained strong through the quarter, and reflects scheduled maintenance in the Atlantic region. The downstream assets continued to run with high operational availability, allowing them to benefit from improved benchmark pricing in the U.S. Beginning in the second quarter of 2024, the Board of Directors approved a 29% increase in the base dividend to $0.72 per share annually, and declared a variable dividend of $0.135 per share to fulfill the company’s first quarter shareholder return allocation. Consistent with Cenovus’s financial framework, the base dividend is fully supported over the long term by funds flow generation at the bottom of the commodity price cycle.

CALGARY, Alberta, April 24, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSECVE) will release its first-quarter 2024 results on Wednesday, May 1. The news release will provide consolidated first-quarter operating and financial information. The company’s financial statements will be available on Cenovus’s website, cenovus.com.

CALGARY, Alberta, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSECVE) will hold its 2024 Investor Day in Toronto on Tuesday, March 5, 2024, at 8:30 a.m. ET (6:30 a.m. MT). Members of Cenovus’s Leadership Team will provide an update on the company’s strategy, outlook and operations to invited institutional investors and analysts.

CALGARY, Alberta, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) 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.

CALGARY, Alberta, Feb. 09, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) will release its fourth-quarter and full-year 2023 results on Thursday, February 15. The news release will provide consolidated fourth-quarter and full-year operating and financial information. The company’s quarterly and 2023 financial statements will be available on Cenovus’s website, cenovus.com.

CALGARY, Alberta, Dec. 14, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) today announced its 2024 budget, delivering disciplined capital investment and balancing growth of the company’s base business with meaningful shareholder returns. Continuing with the growth plan embarked on in 2023, Cenovus expects to invest capital of between $4.5 billion and $5.0 billion in 2024. This investment includes $1.5 billion to $2.0 billion of optimization and growth capital, primarily for progressing the West White Rose project as well as incrementally growing production at the Foster Creek, Christina Lake and Sunrise oil sands facilities. Additionally, Cenovus will implement further initiatives in its downstream business to improve reliability and increase margin capture as well as invest in opportunities in the Conventional business. Approximately $3.0 billion will be directed towards sustaining production and supporting continued safe and reliable operations.

CALGARY, Alberta, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) announced today that the Toronto Stock Exchange (“TSX”) has approved the renewal of the company’s normal course issuer bid (“NCIB”) to purchase up to 133,160,021 common shares during the 12-month period commencing November 9, 2023 and ending November 8, 2024.

CALGARY, Alberta, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) delivered safe, reliable operations and strong financial performance in the third quarter of 2023. The company generated $2.7 billion in cash from operating activities, $3.4 billion in adjusted funds flow and $2.4 billion in free funds flow in the quarter. Total upstream production was 797,000 barrels of oil equivalent per day (BOE/d)1 and downstream throughput averaged over 664,000 barrels per day (bbls/d).

CALGARY, Alberta, Oct. 25, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSECVE) will release its third-quarter 2023 results on Thursday, November 2. The news release will provide consolidated third-quarter operating and financial information. The company’s financial statements will be available on Cenovus’s website, cenovus.com.

CALGARY, Alberta, Sept. 19, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) announced today the total consideration payable in connection with its previously announced tender offers to purchase for cash: (i) up to $500,000,000 aggregate purchase price, excluding accrued and unpaid interest (the “Pool 1 Maximum Amount”), of its 5.250% Notes due 2037, 4.450% Notes due 2042, 5.200% Notes due 2043, 4.400% Notes due 2029, 5.400% Notes due 2047 and 4.250% Notes due 2027 (collectively, the “Pool 1 Notes”) and (ii) up to $500,000,000 aggregate purchase price, excluding accrued and unpaid interest (the “Pool 2 Maximum Amount” and, together with the Pool 1 Maximum Amount, the “Maximum Amounts”), of its 6.800% Notes due 2037 and 6.750% Notes due 2039 (collectively, the “Pool 2 Notes” and, together with the Pool 1 Notes, the “Notes”), subject to prioritized acceptance levels listed in the table below (“Acceptance Priority Levels”) and the terms and conditions of the tender offers.

CALGARY, Alberta, Sept. 19, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) announced today the early tender results for its tender offers to purchase for cash certain of its outstanding series of Notes.

CALGARY, Alberta, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) announced today the commencement of tender offers to purchase for cash certain of its outstanding series of notes listed in the table below (collectively, the “Notes”) for an aggregate purchase price, excluding accrued and unpaid interest, of up to $750 million.

CALGARY, Alberta, July 27, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) generated nearly $2.0 billion in cash from operating activities, approximately $1.9 billion in adjusted funds flow and $897 million in free funds flow in the second quarter of 2023. Total upstream production was approximately 730,000 barrels of oil equivalent per day (BOE/d)1, reflecting a planned turnaround at Foster Creek and production impacts in the Conventional segment in May and June due to Alberta wildfire activity. Downstream throughput averaged almost 538,000 barrels per day (bbls/d), increasing in the quarter as volumes ramped up following restart work at the Superior and Toledo refineries.

CALGARY, Alberta, July 20, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSECVE) will release its second-quarter 2023 results on Thursday, July 27. The news release will provide consolidated second-quarter operating and financial information. The company’s financial statements will be available on Cenovus’s website, cenovus.com.

New methane reduction milestone announced

CALGARY, Alberta, June 14, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) has reached separate agreements with each of Hutchison Whampoa Europe Investments S.à r.l. (HWEI) and L.F. Investments S.à r.l. (LFI) to purchase for cancellation all of the warrants held by HWEI and LFI, respectively, representing an aggregate of 45,484,672 warrants (CVE.WT), for $711 million in the aggregate (the Warrant Repurchase Transactions). As part of Cenovus’s combination with Husky Energy Inc., each Husky shareholder received 0.7845 of a Cenovus common share plus 0.0651 of a Cenovus common share purchase warrant in exchange for each Husky common share, with each whole warrant having an exercise price of $6.54 per common share, expiring January 1, 2026.

CALGARY, Alberta, June 05, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) has safely restarted approximately 62,000 barrels of oil equivalent per day (BOE/d) of production, from the 85,000 BOE/d impacted in May due to wildfires. Assuming the current wildfire conditions continue, Rainbow Lake operations are expected to return to production within seven to 10 days, which represents approximately 20,000 BOE/d. About 3,000 BOE/d remains offline awaiting power infrastructure to be rebuilt in various remote locations.

CALGARY, Alberta, May 08, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) is providing an update on its Conventional production operations following ongoing wildfire activity in northern Alberta. Fires in the north-central region of the province have led the Government of Alberta to declare a state of emergency and a number of communities are under evacuation orders. With a focus on the safety of its people and integrity of its assets, on May 4, as a precaution, Cenovus began safely and methodically shutting in a number of producing Conventional fields and bringing down processing plants.

CALGARY, Alberta, April 26, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) announced that at its annual meeting of shareholders held on April 26, 2023, each of the 13 nominees proposed as Directors and listed in its Management Information Circular dated March 1, 2023 were elected as Directors. The detailed results of the vote are set out below.

CALGARY, Alberta, April 26, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) delivered upstream production in the first quarter of 779,000 barrels of oil equivalent per day (BOE/d)1 and downstream throughput of 457,900 barrels per day (bbls/d). The company generated $1.4 billion in adjusted funds flow and cash used in operating activities was $286 million. First-quarter results reflect lower commodity prices, reduced production in the upstream business and lower operating throughput in the downstream compared with the fourth quarter. Consistent with Cenovus’s commitment to shareholders, the Board of Directors approved a 33% increase in the company’s base dividend, to $0.56 per share annually starting in the second quarter of 2023.

CALGARY, Alberta, April 19, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSECVE) will release its first-quarter 2023 results on Wednesday, April 26. The news release will provide consolidated first-quarter operating and financial information. The company’s financial statements will be available on Cenovus’s website, cenovus.com.

CALGARY, Alberta, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) has closed on the transaction to purchase bp’s 50% interest in the bp-Husky Toledo Refinery in Ohio, effective today. Cenovus already owned 50% of the facility, and now owns 100% and assumes operatorship. Total consideration for the sale is approximately US$370 million after closing adjustments, including working capital. Cenovus and bp will also enter into a multi-year product supply agreement.

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

CALGARY, Alberta, Feb. 16, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) 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.

CALGARY, Alberta, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSECVE) 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.

CALGARY, Alberta, Jan. 08, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) 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.

CALGARY, Alberta, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) 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.

CALGARY, Alberta, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) 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.

CALGARY, Alberta, Nov. 02, 2022 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSECVE) generated more than $4.0 billion in cash from operating activities, approximately $3.0 billion in adjusted funds flow and nearly $2.1 billion in free funds flow in the third quarter of 2022, driven by continued strong operations. Total upstream production was approximately 778,000 barrels of oil equivalent per day (BOE/d)1 and downstream throughput averaged 533,500 barrels per day (bbls/d). As part of Cenovus’s commitment to increasing shareholder returns, in addition to its base dividend, the Board of Directors declared a variable dividend payable on December 2, 2022 and approved filing an application with the TSX to renew its normal course issuer bid (NCIB) for another year.

CALGARY, Alberta, Oct. 27, 2022 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSECVE) will release its third-quarter results on Wednesday, November 2. The news release will provide consolidated third-quarter operating and financial information. Financial statements will be available on Cenovus’s website, cenovus.com.

CALGARY, Alberta, July 25, 2022 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSECVE) will release its second-quarter results on Thursday, July 28. The news release will provide consolidated second-quarter operating and financial information. Financial statements will be available on Cenovus’s website.