Financial, production & throughput summary
| ||||||
(For the period ended December 31)
|
2021 Q4
|
2020 Q42
|
% change2
|
2021 FY
|
2020 FY2
|
% change2
|
Financial ($ millions, except per share amounts)
| ||||||
Cash from operating activities
|
2,184
|
250
|
774
| 5,919 |
273
|
2,068
|
Adjusted funds flow3,4
|
1,948
|
333
|
485
| 7,248 |
117
|
6,095
|
Per share (basic)3
|
0.97
|
0.27
| 3.59 |
0.10
| ||
Capital investment
|
835
|
242
|
245
| 2,563 |
841
|
205
|
Free funds flow3,4
|
1,113
|
91
|
1,123
| 4,685 |
(724)
| |
Net earnings (loss)
|
(408)
|
(153)
| 587 |
(2,379)
| ||
Per share (basic)
|
(0.21)
|
(0.12)
| 0.27 |
(1.94)
| ||
Long-term debt
|
12,385
|
7,441
|
66
| 12,385 |
7,441
|
66
|
Net debt5
|
9,591
|
7,184
|
34
| 9,591 |
7,184
|
34
|
Production and throughput (before royalties, net to Cenovus)
| ||||||
Oil and NGLs (bbls/d)1
|
678,300
|
405,300
|
67
| 642,300 |
408,400
|
57
|
Conventional natural gas (MMcf/d)
|
883.5
|
369.5
|
139
| 895.5 |
379.0
|
136
|
Total upstream production (BOE/d)1
|
825,300
|
467,200
|
77
| 791,500 |
471,700
|
68
|
Total downstream throughput (bbls/d)
|
469,900
|
169,000
|
178
| 508,000 |
185,900
|
173
|
CENOVUS ENERGY NEWS RELEASE | 2
|
CENOVUS ENERGY NEWS RELEASE | 3
|
Preferred shares dividend summary
| ||
Rate (%)
|
Amount ($/share)
| |
Share series
| ||
Series 1
|
2.577
|
0.16106
|
Series 2
|
1.859
|
0.11460
|
Series 3
|
4.689
|
0.29306
|
Series 5
|
4.591
|
0.28694
|
Series 7
|
3.935
|
0.24594
|
CENOVUS ENERGY NEWS RELEASE | 4
|
Conference call today
9 a.m. Mountain Time (11 a.m. Eastern Time)
Cenovus will host a conference call today, February 8, 2022, starting at 9 a.m. MT (11 a.m. ET). To
participate, please dial 888-394-8218 (toll-free in North America) or 647-484-0475 approximately
10 minutes prior to the conference call. A live audio webcast of the conference call will also be
available. The webcast will be archived for approximately 90 days.
|
CENOVUS ENERGY NEWS RELEASE | 5
|
Product type by operating segment
| ||
Three months ended December 31, 2021
|
Full year ended December 31, 2021
| |
Oil Sands
| ||
Bitumen (Mbbls/d)
| 606.0 |
561.3
|
Heavy crude oil (Mbbls/d)
|
18.9
|
20.2
|
Conventional natural gas (MMcf/d)
|
12.4
|
12.6
|
Total Oil Sands segment production (BOE/d)
| 626.9 |
583.5
|
Conventional | ||
Light crude oil (Mbbls/d)
| 7.2 |
8.4
|
Natural gas liquids (Mbbls/d)
|
22.5
|
25.6
|
Conventional natural gas (MMcf/d)
| 574.3 |
597.6
|
Total Conventional segment production (BOE/d)
| 125.3 |
133.6
|
Offshore | ||
Light crude oil (Mbbls/d)
|
10.6
|
14.1
|
Natural gas liquids (Mbbls/d)
|
13.1
|
12.7
|
Conventional natural gas (MMcf/d)
| 296.8 |
285.3
|
Total Offshore segment production (BOE/d)
|
73.1
|
74.4
|
Total upstream production (BOE/d)
| 825.3 |
791.5
|
CENOVUS ENERGY NEWS RELEASE | 6
|
CENOVUS ENERGY NEWS RELEASE | 7
|
Upstream | Downstream | |||||||
Three Months Ended September 30, 2021 ($ millions)
|
Oil Sands (i)
|
Conventional (i)
|
Offshore (i)
|
Total
|
Canadian Manufacturing (i)
|
U.S.
Manufacturing (i)
|
Retail (i)
|
Total
|
Revenues | ||||||||
Gross Sales
| 6,117 |
833
|
404
| 7,354 | 1,215 | 5,723 | 592 | 7,530 |
Less: Royalties
| 669 | 40 |
24
| 733 | - | - | - | - |
5,448 |
793
|
380
| 6,621 | 1,215 | 5,723 | 592 | 7,530 | |
Expenses | ||||||||
Purchased Product
|
825
|
445
| - | 1,270 |
986
| 5,171 | 551 | 6,708 |
Transportation and Blending
| 1,918 |
20
|
3
| 1,941 | - | - | - | - |
Operating |
616
|
135
|
49
| 800 |
99
|
413
|
25
| 537 |
Realized (Gain) Loss on Risk Management
| 166 |
2
| - | 168 | - | 17 | - | 17 |
Operating Margin
| 1,923 |
191
|
328
| 2,442 |
130
|
122
|
16
| 268 |
Upstream (i)
|
Downstream (i)
|
Total
| ||||||||||
($ millions)
|
2021
|
Q4 2021
|
Q3 2021
|
2020
|
2021
| Q4 2021 |
Q3 2021
| 2020 |
2021
|
Q4 2021
|
Q3 2021
| 2020 |
Revenues | ||||||||||||
Gross Sales
| 27,844 | 8,237 | 7,354 | 9,708 | 26,673 | 8,135 | 7,530 | 4,815 | 54,517 | 16,372 | 14,884 | 14,523 |
Less: Royalties
| 2,454 |
815
|
733
|
371
| - | - | - | - | 2,454 |
815
|
733
| 371 |
25,390 | 7,422 | 6,621 | 9,337 | 26,673 | 8,135 | 7,530 | 4,815 | 52,063 | 15,557 | 14,151 | 14,152 | |
Expenses | ||||||||||||
Purchased Product
| 4,843 | 1,410 | 1,270 | 1,530 | 23,526 | 7,348 | 6,708 | 4,429 | 28,369 | 8,758 | 7,978 | 5,959 |
Transportation and Blending
| 7,930 | 2,387 | 1,941 | 4,764 | - | - | - | - | 7,930 | 2,387 | 1,941 | 4,764 |
Operating | 3,241 |
865
|
800
| 1,476 | 2,258 |
689
|
537
|
785
| 5,499 | 1,554 | 1,337 | 2,261 |
Realized (Gain) Loss on Risk Management
| 788 |
202
|
168
|
268
|
104
|
56
|
17
| (21) | 892 | 258 | 185 | 247 |
Operating Margin
| 8,588 | 2,558 | 2,442 | 1,299 |
785
|
42
|
268
| (378) | 9,373 | 2,600 | 2,710 | 921 |
CENOVUS ENERGY NEWS RELEASE | 8
|
Twelve Months Ended December 31,
|
Three Months Ended
December 31,
| |||
($ millions)
|
2021
|
2020
|
2021
|
2020
|
Cash From (Used in) Operating Activities (i)
|
5,919
|
273
|
2,184
|
250
|
(Add) Deduct:
| ||||
Settlement of Decommissioning Liabilities
|
(102)
|
(42)
|
(35)
|
(6)
|
Net Change in Non-Cash Working Capital
|
(1,227)
|
198
|
271
|
(77)
|
Adjusted Funds Flow
|
7,248
|
117
|
1,948
|
333
|
Capital Investment
|
2,563
|
841
|
835
|
242
|
Free Funds Flow
|
4,685
|
(724)
|
1,113
|
91
|
As at ($ millions)
|
December 31,
2021 (i)
|
September 30,
2021 (i)
|
January 1,
2021 (ii)
|
December 31,
2020 (i)
|
Short-Term Borrowings
|
79
|
48
|
161
|
121
|
Current Portion of Long-Term Debt
|
-
|
545
|
-
|
-
|
Long-Term Debt
|
12,385
|
12,441
|
14,043
|
7,441
|
Less: Cash and Cash Equivalents
|
(2,873)
|
(2,010)
|
(1,113)
|
(378)
|
Net Debt
|
9,591
|
11,024
|
13,091
|
7,184
|
Investors | Media |
Investor Relations general line 403-766-7711
|
Media Relations general line 403-766-7751
|
CENOVUS ENERGY NEWS RELEASE | 9
|
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Cenovus Energy Inc. published this content on 08 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 February 2022 22:17:05 UTC.