Information contained in this Cenovus Energy Inc. website is for information purposes only. The website and the information (including changes to the terms herein) may be changed or updated from time to time without notice. In consideration for using Cenovus Energy Inc.'s website, the visitor agrees to hold Cenovus Energy Inc. and its affiliates and subsidiaries, and their respective directors, officers, employees and agents harmless against any claims for damages or costs or any loss of any kind arising out of the access to or use of this website or any information contained in or obtained through this website. As visitors access this website on a server in Alberta, Canada, the information contained in this website is deemed to be provided in Alberta and is subject to Alberta law and the laws of Canada applicable therein. If you access this website from outside of Canada, you do so at your own risk and are responsible for compliance with local, national or international laws including, without limitation, securities laws and import and export laws.
Disclaimer of Warranties
In addition to the above disclaimers of warranties, Cenovus Energy Inc. hereby expressly disclaims any liability for errors or omissions in the information contained in this website. Information contained in this website does not constitute a solicitation or an offering of securities in any jurisdiction. Information that may be or previously disclosed under corporate securities legislation of Canadian, U.S. or other jurisdictions applicable to Cenovus Energy Inc., e.g. Annual Report, Quarterly Reports, Annual Information Forms or news releases, is not intended in any way to be qualified, amended, modified or supplemented by information available in, through or on this Cenovus Energy Inc. website. Although Cenovus Energy Inc. believes this information to be correct at the time it is posted, Cenovus Energy Inc. does not warrant the accuracy, completeness or currency of this information at all times. All information contained in this website is provided on an as-is and as-available basis without any representations, warranties or endorsements whatsoever.
No warranty of any kind, implied, expressed or statutory, warranty of merchantability and non-infringement of intellectual property rights, third-party rights, title, fitness for any particular purpose or freedom from computer viruses or other contaminating or destructive properties is given in conjunction with the information contained in this website.
Oil and Gas Information
Barrels of Oil Equivalent
Natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six 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.
This website may contain certain forward-looking statements and forward-looking information (collectively referred to as “forward-looking information”) about our current expectations, estimates and projections about the future, based on certain assumptions made by us in light of our experience and perception of historical trends. Although we believe 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 contained on this website is identified by words such as “aim”, “anticipate”, “believe”, “can”, “capacity”, “commit”, “commitment”, “committed”, “confident”, “continue”, “could”, “E”, “estimate", “expect”, “focus”, “forecast”, “forward”, “future”, “guide”, “illustrative”, “implication”, “intend”, “line of sight”, “may”, “on track”, “outlook”, “plan”, “poised”, “position”, “potential”, “priority”, “project”, “pursue”, “should”, “strategy”, “target”, “upside”, “visibility”, “vision”, “will”, “would” or similar expressions and includes suggestions of future outcomes, including statements about: strategy, priorities and related milestones; projects, schedules and plans; anticipated benefits of the Husky transaction; shareholder returns; maintaining investment grade credit ratings; debt and net debt targets; safety and safety culture; actions taken in response to COVID-19 in our workplaces; statements and expectations relating to our most recently disclosed budget; maximizing shareholder value; maximizing the value per barrel of production; maintaining liquidity; delivering a stable cash flow through price cycles and commodity price volatility and preserving a strong and resilient balance sheet; production and throughput levels; advancing carbon capture and storage and other clean technology to reduce GHG emissions and emissions intensity; ESG focus areas, ambitions and targets; reducing net equity-based absolute scope 1 and 2 GHG emissions; resilience to carbon pricing; long-term ambition to achieve net zero GHG emissions from our operations by 2050; fresh water intensity; reclamation of well sites and habitat restoration; spend with Indigenous businesses and PAR certification; women in leadership roles; representation of designated groups among non-management directors; working with the Pathways Alliance and other industry organizations to reduce total oilsands GHG emissions and help Canada meet its climate goals, Paris Agreement commitments and 2050 net zero aspirations; our capital allocation framework; restart of the Superior refinery and West White Rose project; capital discipline; adjusting capital and operating spending, drawing down on credit facilities or repaying existing debt, adjusting dividends paid to shareholders, repurchasing Cenovus’s common shares, issuing new debt, or issuing new shares; operating and financial results; capital expenditures and investments; underlying cost structures; all statements with respect to our most recently disclosed guidance; funding our capital investment and near-term cash requirements through cash from operating activities and prudent use of our balance sheet capacity; strategies to broaden market access for our crude oil production; preserving financial resilience; future impact of regulatory measures forecast commodity prices, differentials and trends and expected impact; exchange and interest rates; maintaining a prudent and flexible capital structure and strong balance sheet metrics; the timing for closing acquisitions and dispositions and the financial and operational impact of such transactions; restructuring working interests in Atlantic Canada; potential impacts of various risks as disclosed in our most recently filed annual Management Discussion & Analysis; the potential effectiveness of our risk management strategies; new accounting standards, the timing for the adoption thereof, and anticipated impact on the Consolidated Financial Statements; the immateriality of the effects of any liabilities that may arise out of legal claims associated with the normal course of our operations; the availability and repayment of our credit facilities; and timing of planned maintenance turnarounds and throughput impact.
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 our forward-looking information is based include, but are not limited to: forecast oil and natural gas, and other byproduct prices and differentials; our ability to successfully integrate the business of Husky and realize the benefits associated with the Husky transaction or any other transactions; our ability to adapt to and partially mitigate the impact of crude oil and refined product price changes and differentials; achieving Net Debt and Net Debt to Adjusted EBITDA and Adjusted Funds Flow targets; capital investment levels, the flexibility of capital spending plans and associated sources of funding; the absence of significant adverse changes to legislation and regulations; interest rates, foreign exchange rates, and competitive conditions; the political, economic and social stability of jurisdictions in which Cenovus operates; the absence of significant disruption of operations, including as a result of harsh weather, natural disaster, accident, civil unrest or other similar events; the prevailing climatic conditions impacting Cenovus's operating locations; achievement of cost reductions and sustainability thereof; applicable royalty regimes, including expected royalty rates; future improvements in availability of product transportation capacity; increase to our share price and market capitalization over the long term; cash flows, cash balances on hand and access to credit and demand facilities being sufficient to fund capital investments and shareholder distributions; realization of expected capacity to store within our oil sands reservoirs barrels not yet produced, including that we will be able to time production and sales of our inventory at later dates when demand has increased, pipeline and/or storage capacity has improved and crude oil differentials have narrowed; the ability of our refining capacity, dynamic storage, existing pipeline commitments, crude-by-rail loading capacity and financial hedge transactions to partially mitigate a portion of our WCS crude oil volumes against wider differentials; estimates of quantities of oil, bitumen, natural gas and liquids from properties and other sources not currently classified as proved; the accuracy of accounting estimates and judgments; our ability to obtain necessary regulatory and partner approvals; the successful, timely and cost effective implementation of capital projects or stages thereof; our ability to generate sufficient cash flow to meet our current and future obligations; the sufficiency of existing cash balances, internally generated cash flows, existing credit facilities, management of our asset portfolio and access to capital markets to fund future development costs and dividends, including any increase thereto; estimated abandonment and reclamation costs, including associated levies and regulations applicable thereto; our ability to obtain and retain qualified staff and equipment in a timely and cost-efficient manner; our ability to access sufficient capital to pursue our development plans; our ability to complete asset sales in a timely manner; the stability of general domestic and global economic, market and business conditions; forecast inflation; our future results relative to the most recently disclosed guidance based on current production and throughput volumes and operating expenses; our ability to access and implement all technology and equipment necessary to achieve expected future results and that such results are realized; our ability to implement capital projects or stages thereof in a successful and timely manner; and other assumptions, risks and uncertainties described from time to time in the filings we make with securities regulatory authorities including the assumptions inherent in Cenovus’s most recently disclosed guidance available on cenovus.com.
The risk factors and uncertainties that could cause our actual results to differ materially from the forward-looking information, include, but are not limited to: the effect of the COVID-19 pandemic on our business, including any related restrictions, containment, and treatment measures taken by varying levels of government in the jurisdictions in which we operate; the success of our COVID-19 workplace policies and the return of our people to our workplace; our ability to achieve the benefits of the Husky acquisition or any other acquisition; our ability to access or implement some or all of the technology necessary to efficiently and effectively operate our assets and achieve expected future results; WTI-WCS differential in Alberta remains tied to global supply factors and heavy crude processing capacity; volatility of and other assumptions regarding commodity prices; foreign exchange risk; a prolonged market downturn; changes in commodity price differentials; the effectiveness of our risk management program; the accuracy of cost estimates regarding commodity prices, currency, compliance costs, interest rates product supply and demand; the accuracy of our share price and market capitalization assumptions; market competition, including from alternative energy sources; risks inherent in our marketing operations, including credit risks, exposure to counterparties and partners, including the ability and willingness of such parties to satisfy contractual obligations in a timely manner; risks inherent in the operation of our crude-by-rail terminal, including health, safety and environmental risks; our ability to maintain desirable ratios of Net Debt to Adjusted EBITDA as well as Net Debt to Capitalization; our ability to access various sources of debt and equity capital, generally, and on terms acceptable to us; our ability to fund or finance growth, sustaining capital expenditures and shareholder distributions; changes in credit ratings applicable to us or any of our securities; changes to our dividend plans; our ability to utilize tax losses in the future; the accuracy of our reserves, future production and future net revenue estimates; the accuracy of our accounting estimates and judgments; our ability to replace and expand oil and gas reserves; the costs to acquire exploration rights, undertake geological studies, appraisal drilling and project developments; potential requirements under applicable accounting standards for impairment or reversal of estimated recoverable amounts of some or all of our assets or goodwill from time to time; our ability to maintain our relationships with our partners and to successfully manage and operate our integrated operations and business; reliability of our 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 resulting in operational interruptions, including blowouts, fires, explosions, railcar incidents or derailments, aviation incidents, gaseous leaks, migration of harmful substances, loss of containment, releases or spills, including releases or spills from offshore facilities and shipping vessels at terminals or hubs and as a result of pipeline or other leaks, corrosion, epidemics or pandemics, and catastrophic events, including, but not limited to, war, extreme weather events, natural disasters, iceberg incidents, acts of vandalism and terrorism, and other accidents or hazards that may occur at or during transport to or from commercial or industrial sites and other accidents or similar events; refining and marketing margins; cost escalations, including inflationary pressures on operating costs, such as labour, materials, natural gas and other energy sources used in oil sands processes and increased insurance deductibles or premiums; the cost and availability of equipment necessary to our operations; potential failure of products to achieve or maintain acceptance in the market; risks associated with the energy industry’s and Cenovus’s reputation, social license to operate and litigation related thereto; unexpected cost increases or technical difficulties in operating, constructing or modifying manufacturing or refining facilities; unexpected difficulties in producing, transporting or refining bitumen and/or crude oil into petroleum and chemical products; risks associated with technology and equipment and its application to our business, including potential cyberattacks; geo-political and other risks associated with our international operations; risks associated with climate change and our assumptions relating thereto; the timing and the costs of well and pipeline construction; our ability to access markets and to secure adequate and cost effective product transportation including sufficient pipeline, crude-by-rail, marine or alternate transportation, including to address any gaps caused by constraints in the pipeline system or storage capacity; availability of, and our ability to attract and retain, critical talent; possible failure to obtain and retain qualified leadership and personnel, and equipment in a timely and cost efficient manner; changes in labour demographics and relationships, including with any unionized workforces; unexpected abandonment and reclamation costs; changes in the regulatory frameworks, permits and approvals in any of the locations in which we operate or to any of the infrastructure upon which we rely; government actions or regulatory initiatives to curtail energy operations or pursue broader climate change agendas; changes to regulatory approval processes and land-use designations, royalty, tax, environmental, greenhouse gas, carbon, climate change 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 our business, our financial results and our Consolidated Financial Statements; changes in general economic, market and business conditions; the impact of production agreements among OPEC and non-OPEC members; the political, social and economic conditions in the jurisdictions in which we operate or supply; the status of our relationships with the communities in which we operate, including with Indigenous communities; the occurrence of unexpected events such as protests, pandemics, war, terrorist threats and the instability resulting therefrom; risks that the effect of actions taken by us in implementing targets, commitments and ambitions for ESG focus areas may have a negative impact on our existing business, growth plans and future results from operations; and risks associated with existing and potential future lawsuits, shareholder proposals and regulatory actions against us.
Readers are cautioned that the foregoing lists are not exhaustive and are made as at a given date. Events or circumstances could cause our actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information. For a full discussion of our material risk factors, see Risk Management and Risk Factors in our most recently filed MD&A, and the risk factors described in other documents Cenovus files from time to time with securities regulatory authorities in Canada, available on SEDAR at sedar.com, on EDGAR at sec.gov, and on our website at cenovus.com.
Exclusion of Liability
In no event shall Cenovus Energy Inc. be liable for any damages, including without limitation, direct or indirect, special, incidental or consequential damages, loss of profits, opportunities or information arising in connection with the Cenovus Energy Inc. website or with any linked website even if Cenovus Energy Inc. is made aware of the possibility of such damages, losses, claims or expenses.
Trademark and Copyright
All material and information found on or made available through this website is protected under the copyright, trademark and other intellectual property laws of Canada and applicable jurisdictions.
Except as expressly provided on this website, Cenovus prohibits the copying, redistribution, replication, transmission, or other exploitation of any material or information on this website without its express written permission.
Links to Third-Party Sites
This website contains links to third-party sites. These links have been provided solely as a convenience for users of this website and do not constitute an endorsement by Cenovus Energy Inc. of the content of such third-party sites. Links to this website may also be provided from other sites either known or unknown to Cenovus Energy Inc.. Access to any other website linked to or from this website is at your own risk. Cenovus Energy Inc. has not reviewed and is not responsible for the content of any third-party sites linked to or from this website and does not make any representations regarding the privacy practices, content or accuracy of materials on such third-party sites.
Collection of information
Cenovus collects anonymous information about a visitor's actions while they view this site. No personally identifiable information (for example, name, IP address or phone number) is collected from any visitor without your consent. This browsing information is collected via server log files, via session cookies, which are small amounts of data written to your browser (which expire once you close your web browser) and via persistent cookies (which stay on your computer until you delete them) in order to deliver a better website experience for you. Cookies are stored on your computer’s or mobile device’s hard drive so that certain information about your visit and web-browsing preferences will be recognized upon a return visit, to allow Cenovus to analyze patterns of activity while visiting our website, and to detect security fraud and abuse.
Talk to Us
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References to Cenovus
For convenience, references in this website to "Cenovus", the "Company", "us", "we" and similar references, may, where applicable, refer only to or include any relevant direct and indirect subsidiary corporations and partnerships of Cenovus Energy Inc. and the assets, activities and initiatives thereof.
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