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 press 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.
This website may contain certain forward-looking statements and forward-looking information (collectively referred to as “forward-looking information”) within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995, 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 “anticipate”, “believe”, “expect”, “estimate", “plan”, “forecast”, “future”, “target”, “position”, “project”, “committed”, “can be”, “pursue”, “capacity”, “could”, “should”, “focus”, “on track”, “outlook”, “potential”, “priority”, “may”, “strategy”, “forward”, “will”, “upside”, “aim”, “implication”, “visibility”, “line of sight”, “vision”, “commit”, “commitment”, “would”, “intend”, “confident”, “poised” or similar expressions and includes suggestions of future outcomes, including statements about: our strategy, business plans and related milestones and schedules, including expected timing for oil sands expansion phases and associated expected production capacities; projections for future years and our plans and strategies to realize such projections; our future development opportunities; forecast operating and financial results; targets for our level of indebtedness in relation to the capitalization and cash generating capacity of Cenovus; planned capital expenditures, including the amount, timing and financing thereof; ability to reduce and maintain reductions to sustaining capital expenditures; expected future production, including the timing, stability or growth thereof; project capacities; our ability to preserve our financial resilience and various plans and strategies with respect thereto; forecast cost savings and sustainability thereof; opportunities to improve reservoir performance; potential for development of emerging assets; expected ability for free funds flow generation by conventional oil and natural gas portfolio with moderate spending, and related ability to invest in growth opportunities; potential drilling opportunities; potential impacts of our hedging program; lender commitments to extend maturities of Cenovus's existing credit facility; our ability to successfully complete planned asset sales, including with desired transaction metrics and on targeted timelines; future access to and implementation of technology, including the development of a steam driven solvent process at our oil sands operations; development or implementation of technologies and their potential impacts on performance; potential for growth and value creation; and projected shareholder return. Readers are cautioned not to place undue reliance on forward-looking information as our actual results may differ materially from those expressed or implied.
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 is based include: forecast oil and natural gas prices and other assumptions inherent in Cenovus’s guidance as provided from time to time, available at cenovus.com; our projected capital investment levels, the flexibility of our capital spending plans and the associated source of funding; the achievement of further cost reductions and sustainability thereof; expected condensate prices; estimates of quantities of oil, bitumen, natural gas and liquids from properties and other sources not currently classified as proved; future use and development of technology; our ability to obtain necessary regulatory and partner approvals; the successful and timely implementation of capital projects or stages thereof; our ability to generate sufficient funds flow to meet current and future obligations; estimated abandonment and reclamation costs, including associated levies and regulations; 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 development plans; our ability to successfully complete the planned asset sales, including with desired transaction metrics and on targeted timelines; forecast crude oil and natural gas prices, forecast inflation and other assumptions inherent in our guidance; our projected capital investment levels, the flexibility of capital spending plans and the associated sources of funding; sustainability of achieved cost reductions, achievement of future cost reductions and sustainability thereof; estimates of quantities of oil, bitumen, natural gas and NGLs from properties and other sources not currently classified as proved; future use and development of technology; our ability to access and implement all technology necessary to efficiently and effectively operate our assets and achieve and sustain cost reductions; our ability to implement capital projects or stages thereof in a successful and timely manner; our ability to generate sufficient cash flow to meet current and future obligations; and other risks and uncertainties described from time to time in the filings we make with securities regulatory authorities.
Unless otherwise specifically stated or the context dictates otherwise, the financial outlook and forward-looking metrics in this presentation , in addition to the generally applicable assumptions described above, do not include or account for the effects or impacts of planned asset sales.
The risk factors and uncertainties that could cause our actual results to differ materially, include: possible failure to successfully complete planned asset sales, including with desired transaction metrics and on targeted timelines; possible failure to access or implement some or all of the technology necessary to efficiently and effectively operate our assets and achieve and sustain future cost reductions; volatility of and other assumptions regarding commodity prices; the effectiveness of our risk management program, including the impact of derivative financial instruments, the success of our hedging strategies and the sufficiency of our liquidity position; the accuracy of cost estimates; commodity prices, currency and interest rates; possible lack of alignment of realized WCS prices and WCS prices as calculated under the contingent payment arrangement between Cenovus and a subsidiary of ConocoPhillips; product supply and demand; market competition, including from alternative energy sources; risks inherent in our marketing operations, including credit risks; exposure to counterparties and partners, including 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; maintaining desirable ratios of indebtedness to capitalization and to our capacity to generate cash; ability to access various sources of debt and equity capital, generally, and on terms acceptable to Cenovus; ability to finance growth and sustaining capital expenditures; changes in credit ratings applicable to Cenovus or any of its securities; changes to dividend plans or strategy; accuracy of reserves, resources, future production and future net revenue estimates; ability to replace and expand oil and gas reserves; ability to maintain relationships with Cenovus's partners and to successfully manage and operate its integrated business; reliability of 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 such as fires, severe weather conditions, explosions, blow-outs, equipment failures, transportation incidents and other accidents or similar events; refining and marketing margins; inflationary pressures on operating costs, including labour, natural gas and other energy sources used in oil sands processes; potential failure of products to achieve or maintain acceptance in the market; risks associated with fossil fuel industry reputation; unexpected cost increases or technical difficulties in constructing or modifying manufacturing or refining facilities; unexpected difficulties in producing, transporting or refining of crude oil into petroleum and chemical products; risks associated with technology and its application to our business; risks associated with climate change; the timing and the costs of well and pipeline construction; ability 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; availability of, and our ability to attract and retain, critical talent; possible failure to obtain and retain qualified staff and equipment in a timely and cost-efficient manner; changes in labour relationships; changes in the regulatory framework in any of the locations in which we operate, including changes to the regulatory approval process 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, its financial results and its consolidated financial statements; changes in general economic, market and business conditions; the political and economic conditions in the countries in which we operate or supply; occurrence of unexpected events such as war, terrorist threats and the instability resulting therefrom; and risks associated with existing and potential future lawsuits and regulatory actions against Cenovus.
Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. 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 Cenovus's material risk factors, see “Risk Management and Risk Factors” in our most recently filed annual Management’s Discussion and Analysis (MD&A) or Form 40-F and the updates under "Risk Management" in the company's most recently filed quarterly MD&A available on SEDAR at sedar.com, on EDGAR at sec.gov and on Cenovus's website at cenovus.com.
Cenovus Disclosure Policies
Cenovus's disclosure of reserves data and other oil and gas information is made in reliance on an exemption granted to Cenovus by Canadian securities regulatory authorities which permits it to provide such disclosure in accordance with U.S. disclosure requirements. The information provided by Cenovus may differ from the corresponding information prepared in accordance with Canadian disclosure standards under National Instrument 51-101 (NI 51-101). The reserves quantities disclosed in these websites represent net proved reserves calculated using the standards contained in Regulation S-X of the U.S. Securities and Exchange Commission. Further information about the differences between the U.S. requirements and the NI 51-101 requirements is set forth under the heading "Note Regarding Reserves Data and Other Oil and Gas Information" in Appendix "F" (Information Concerning Cenovus Post-Arrangement) of Encana Corporation's Information Circular relating to an Arrangement Involving Cenovus Energy Inc. dated October 20, 2009.
Certain crude oil and natural gas liquids ("NGLs") volumes that have been converted to millions of cubic feet equivalent ("MMcfe") or thousands of cubic feet equivalent ("Mcfe") on the basis of one barrel ("bbl") to six thousand cubic feet ("Mcf"). Also, certain natural gas volumes have been converted to barrels of oil equivalent ("BOE"), thousands of BOE ("MBOE") or millions of BOE ("MMBOE") on the same basis. MMcfe, Mcfe, BOE, MBOE and MMBOE 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 necessarily represent value equivalency at the well head.
Cenovus uses the terms resource play and estimated ultimate recovery, total petroleum initially-in-place, natural gas-in-place, crude oil-in-place, natural bitumen-in-place. Resource play is a term used by Cenovus to describe an accumulation of hydrocarbons known to exist over a large areal expanse and/or thick vertical section, which when compared to a conventional play, typically has a lower geological and/or commercial development risk and lower average decline rate. Total petroleum initially-in-place ("PIIP") is defined by the Society of Petroleum Engineers - Petroleum Resources Management System ("SPE-PRMS") as that quantity of petroleum that is estimated to exist originally in naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production plus those estimated quantities in accumulations yet to be discovered (equivalent to "total resources"). Natural gas-in-place ("NGIP"), crude oil-in-place ("COIP") and natural bitumen-in-place ("NBIP") are defined in the same manner, with the substitution of "natural gas", "crude oil" and "natural bitumen" where appropriate for the word "petroleum". As used by Cenovus, estimated ultimate recovery ("EUR") has the meaning set out jointly by the Society of Petroleum Engineers and World Petroleum Congress in the year 2000, being those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from an accumulation, plus those quantities already produced therefrom.
In this website, Cenovus has provided information with respect to certain of its Key Resource Plays and emerging opportunities which is "analogous information" as defined in NI 51-101. This analogous information includes estimates of PIIP, NGIP, COIP or NBIP and/or EUR, all as defined in the Canadian Oil & Gas Evaluation Handbook ("COGEH") or by the SPE-PRMS, and/or production type curves. This analogous information is presented on a basin, sub-basin or area basis utilizing data derived from Cenovus's internal sources, as well as from a variety of publicly available information sources which are predominantly independent in nature. Some of this data may not have been prepared by qualified reserves evaluators or auditors and the preparation of any estimates may not be in strict accordance with COGEH. Regardless, estimates by engineering and geo-technical practitioners may vary and the differences may be significant. Cenovus believes that the provision of this analogous information is relevant to Cenovus's oil and gas activities, given its acreage position and operations (either ongoing or planned) in the areas in question.
A recovery project cannot be defined for stated volumes of discovered natural bitumen initially-in-place, natural gas initially-in-place or crude oil initially-in-place at this time. There is no certainty that it will be commercially viable to produce any portion of these resources.
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 in this website is protected under the copyright and trademark laws of Canada and other applicable jurisdictions.
The display of trademarks, tradenames or design marks in this website does not imply that a license of any kind has been granted to any other party.
Any unauthorized use regarding publication, copying or modification of information on this website, including trademarks, tradenames and design marks, may violate applicable legislation and may result in legal action.
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
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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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